BRITVIC’S TRADING update yesterday shows that the fizz hasn’t just evaporated from the Irish economy: it’s left the soft drinks market, too.

In euro terms, Britvic Ireland’s revenue declined by 6.4 per cent in the year to the end of September.

In sterling numbers, it achieved a rise of 6.2 per cent to £200.7 million, a reflection of the euro’s strength against the British currency of late.

“Macroeconomic conditions in Ireland have resulted in very difficult trading conditions,” Britvic said.

“This has recently led to a low double-digit decline in the licensed on-premise market in the 12-month period, though the take-home market has stabilised to a flat volume performance,” the company said.

Britvic said its branded volume decline has been restricted to 3.4 per cent, indicating an outperformance on its part against the market as a whole.

Britvic said it achieved a “very strong performance” from the combined portfolio of the Mi Wadi and Robinsons squash brands, which were coming from a low base.

Based on yesterday’s update, the Irish subsidiary appears to be a drag on Britvic’s overall numbers.

Timing is everything in business as much as in life and Britvic chief executive Paul Evans must be cursing his luck at buying the Irish soft drinks business from CC at the top of the economic cycle in this country.

Britvic paid Maurice Pratt €249 million in mid-2007 to buy CC’s portfolio of soft drinks, which included the Club brand and Ballygowan.

By his own admission, Mr Pratt got a number of things wrong during his seven-year tenure at CC, but he can take a bow on the Britvic deal.