IMMEDIATE RELEASE
1 February 2024
A.G. BARR
p.l.c.
("A.G. BARR" or "the
Group")
Trading
Update
A.G. BARR
p.l.c., the branded multi-beverage business with a portfolio of
market-leading UK brands, including IRN-BRU, Rubicon, FUNKIN and
Boost.
Strong revenue and profit
performance - positive business momentum
We are pleased to report an
anticipated strong revenue and profit performance in respect of the
full year ended 28 January 2024.
|
52 weeks ended
28 January 2024
|
52 weeks ended
29 January 2023
|
Growth
|
Group revenue
|
c.£400m
|
£317.6m
|
c.26%
|
Revenue is expected to be c.£400m,
representing c.26% year-on-year growth and c.7.6% on a
like-for-like basis, excluding the contribution from the Boost
Drinks business acquired in December 2022.
Adjusted profit before
tax1 is now expected to be c.£49.5m, up 13.8% on the
prior year (2022/23 : £43.5m) and slightly ahead of previous market
expectations.
Despite
the wet summer weather which impacted Q3 market conditions, our
positive underlying brand momentum ensured a strong H2 Group
performance :
● Soft Drinks -
including IRN-BRU, Rubicon and Boost
Inflation in the wider soft drinks
market continued to drive value growth but impacted volumes within
the sector. However, our brand building and pricing strategy
delivered both value and volume growth, ensuring we continue to
offer consumers great tasting and affordable brands.
●
FUNKIN
Cocktails
Delivered a strong Q4 particularly in
the off trade through an excellent performance in the ready to
drink segment. While the on trade channel remains variable,
with late night venues experiencing reduced footfall, reports of
improved festive trading for a range of hospitality venues is
encouraging as we look forward.
●
MOMA
Foods
Further double-digit sales growth,
supported by new business wins, most notably within the speciality
coffee channel.
We continue to experience cost
inflation albeit at a less significant level than in the prior
year. Our supply chain capital investment programme is on
track supporting the in-sourcing of the Boost and Rio brands. The
associated operational leverage and synergy benefits are supporting
the acceleration of our margin rebuild programme.
Roger White, Chief Executive,
commented :
"All our teams across the Group have
worked hard to deliver an excellent overall performance. This
has been supported by continued brand investment, strong execution
of our sales plans and progress across our supply chain improvement
programme. We have positive momentum behind our brands and
business as we enter the new financial year.
This strong trading performance,
coupled with the benefits already being delivered by our margin
rebuild programme, has ensured we close the year with a strong
profit performance and confidence in the Group's long-term growth
strategy."
For more information, please contact
:
A.G. BARR
Instinctif
Partners
0330 390
3900
020 7457 2010/05
Roger White, Chief
Executive
Justine Warren
Stuart Lorimer, Finance
Director
Matthew Smallwood
Next update : Full Year Results - 26
March 2024
Note 1 : Reported profit
before tax is currently expected to be c.£50.3m reflecting the
release of a £0.8m prior year accrual associated with the
acquisition earn-out of Boost Drinks Limited in December
2022.