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A.G. Barr Plc - Interim Results & Board Update

 

 

A.G. BARR p.l.c. ("A.G. BARR" or the "Group")

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 27 JULY 2019

 

A.G. BARR p.l.c., which produces and markets some of the UK's leading drink brands, including IRN-BRU, Rubicon and Funkin, announces its interim results for the six months ended 27 July 2019 and confirms that the Group remains on course to deliver a full year performance in line with its revised expectations.

 

Financial headlines

  • Revenue of £122.5m (2018 : £136.9m).
  • Profit before tax and exceptional items* of £13.9m (2018 : £18.2m).
  • Statutory profit before tax of £13.5m compared to £18.2m in the prior year.
  • Operating margin before exceptional items* of 11.6%  (2018 : 13.4%).
  • Earnings per share before exceptional items* of 9.83p (2018 : 12.74p). 
  • Net cash from operating activities of £11.7m (2018 : £12.1m)**.
  • An interim dividend of 4.00 pence per share (2018 : 3.90 pence) has been declared.
  • Share repurchase programme on track to complete by year end.

Strategic highlights

  • Launch of IRN-BRU Energy in July - encouraging initial trade and consumer response
  • Strong Funkin performance, particularly in new ready to drink nitro-infused cocktail cans, supported by first ever consumer advertising campaign
  • Innovation performance and pipeline remains strong across the Group
  • Minority investment in zero proof spirits brand STRYYK

Commenting on the results, Roger White, Chief Executive, said:

"Our focus remains on delivering long-term growth.  We have plans in place to address our specific brand related challenges and are ensuring that the business is appropriately scaled to perform in the current market.  Despite continuing economic uncertainty we expect to meet the revised profit expectations communicated in July."

 

Board Update

A.G. BARR p.l.c., which produces and markets some of the UK's leading drink brands, including IRN-BRU, Rubicon and Funkin, announces the following board changes.

Martin Griffiths, who joined the board in 2010 and is the current Chair of the Audit and Risk Committee and Senior Non-Executive Independent Director, will stand down at the board meeting on 19 March 2020, following the completion of the 2019 audit cycle.  Martin has provided a huge level of support and guidance during his tenure for which the board is extremely grateful. 

We are pleased to confirm that Nick Wharton, who will have been on the board for just over a year at that point, will succeed Martin in the role of Audit and Risk Committee Chair and Susan Barratt will become Senior Non-Executive Independent Director. 

In addition, following a board structure review aimed at improving long-term corporate governance compliance, the Supply Chain Director, currently an executive director role will move to a divisional director role and will continue to be held by Andrew Memmott.  Andrew has stepped down from the board with immediate effect.