Highlights:
- Revenue growth in GB and Brazil, led by portfolio of family favourite brands
- Continued growth in At-Home channels with Out-of-Home rebounding in the second half
- Margin rate progression while rebuilding investment in people, brands, and infrastructure
- Continued progress against strategic objectives including:
- Accessing new growth spaces – Plenish, Aqua Libra Co and Rockstar
- Simplifying Irish business with the closure of Counterpoint
- Converting all GB immediate consumption packs to 100% rPET
- Strong cash generation with adjusted net debt/EBITDA leverage ratio back to 2019 level
Simon Litherland, Chief Executive Officer commented:
“This year we have recovered strongly from the effects of the pandemic, with underlying revenue, margin, and profit all in growth. Our disciplined cash management enabled us to pay down debt and to increase our dividend by 12.0%, reflecting our confidence in the business.
We continue to invest in our brands, people, and infrastructure. Our portfolio of trusted family favourite brands has led the growth across our business units, and we continue to access new growth spaces through innovation, the acquisition of Plenish and the relaunch of Rockstar. We have simplified the business in Ireland with the closure of Counterpoint. Our Healthier People, Healthier Planet sustainability programme has also progressed well, with the rollout of recycled PET in GB, and carbon reduction initiatives across the business.
Looking ahead, as we execute our growth strategy, I am confident that we will continue to deliver consistent returns to shareholders. While there are multiple operational headwinds leading to increased inflation, we are confident we will mitigate them through a combination of our agile and resilient supply chain, revenue management and cost saving actions. In 2022 we anticipate making further progress with revenue, profit and margin ahead of 2021.”
