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Britvic suffer from rising commodity prices

By Rob Davies for the Daily Mail
Updated: 04:55 EDT, 25 February 2011

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Shares in Britvic fell nearly 12% after the soft drinks firm behind Tango and Robinsons warned that it would be hit by rising commodity prices.

Britvic: The greatest pain was felt in the cost of plastic bottle material PET

The firm has been forced to hike its estimate of inflation on the raw materials it uses from a range of 5-6% to between 9% and 11%.

It lamented the fact that recent increases – particularly in the price of PET plastics, steel and sugar – happened after it had concluded price negotiations with suppliers.

And it warned that 'we do not expect to be able to recover or mitigate in full the additional input-cost increases we now expect this year'.

The greatest pain was felt in the cost of plastic bottle material PET, which the company said had risen by 20% in the past month due to the surge in the price of oil, its key ingredient.

Chief executive Paul Moody said he expected the company's operating performance to be 'materially ahead' of 2010.

But the markets reacted badly to the warning on commodity prices, taking 49p off the stock, which closed at 369.5p.

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