However, the company posted after-tax profits of £124m (€140m), a 11.6% fall from £140.2m last year, amid a “challenging market”.

Company revenue rose 8.1% to £1.7m driven by pricing decisions in an inflationary environment while revenues in Ireland jumped 9.4%.

The company said overall demand remained strong despite a modest volume decline due to tough trading in the final months of the financial year, especially in comparison to the hot summer in Europe last year which drove higher water consumption.

The company said the “standout performance” the  Pepsi MAX brand, which it produces and markets under licence, boosted results.

The company also said its share buyback programme is ongoing with £75m repurchased over the last 12 months.

Britvic is a leading branded soft drinks business in Europe and South America that operates in and exports to over 100 countries.

Britvic Ireland one the country’s large-scale soft drinks manufacturer and employs 360 people across the Island.

Around 70% of soft drinks consumed in Ireland are imported and 30% are domestically manufactured, of which Britvic Ireland produces 28%.

Britvic Ireland has been manufacturing soft drinks at Kylemore Road in Ballyfermot for the past 50 years and has been bottling Ballygowan at Newcastle West in Limerick for 35 years.

Earlier this year, Britvic Ireland announced plans to invest €6m in its Ballygowan facility in Limerick, to grow the site’s production capacity by more than 20%.

The expansion is expected to meet the demand for Ballygowan mineral water and, once complete, will allow for additional capacity for 50m bottles. The expansion will lead to the creation of 28 new jobs.