A.G. BARR p.l.c. (“A.G. BARR” or the “Group”)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 25 JULY 2020
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 25 July 2020.
Financial summary
|
|
July 2020 |
July 2019 |
Change |
|
Revenue |
£113.2m |
£122.5m |
(7.6)% |
|
Profit before tax (before exceptional items)* |
£16.6m |
£13.9m |
19.4% |
|
Statutory profit before tax |
£5.1m |
£13.5m |
(62.2)% |
|
Operating margin before exceptional items* |
15.1% |
11.7% |
343 bps |
|
Earnings per share before exceptional items* |
10.52p |
9.83p |
7.0% |
|
Net cash flow from operating activities |
£24.0m |
£11.7m |
105.1% |
|
Net cash at bank |
£30.4m |
£4.6m |
+£25.8m |
Covid-19 response
- Successfully introduced range of enhanced safety and hygiene measures across all operations
- Swift action taken to control costs, conserve cash and underpin financial stability
- Maintained continuity of production and continued to deliver high levels of service and quality
- Brought to a close use of the Government's Job Retention Scheme by end July
- Strong teamwork across the Group supporting our year to date performance
Performance headlines
- Barr Soft Drinks : Value share of total UK soft drinks market up 1.2%
- Funkin : Sales decline of 34% driven by very challenging hospitality sector – within this retail and on-line sales grew by over 170%
- Pre-tax exceptional charge of £11.5m related to ongoing business re-engineering programme and impairment of Strathmore brand and assets
- Cash flow generated from operations of £30.1m
- Strong balance sheet and with £30.4m of net cash at bank
- Dividend position remains under review – dividend payments are expected to resume in 2021
Roger White, Chief Executive , commented:
“We remain on course to deliver a full year performance in line with the revised expectations we communicated in the July 2020 trading update. We have continued to invest in our core brand equity for the long term, maintained our quality and service standards and remain a profitable and cash generative business in a robust drinks sector. We are confident that our business will continue to prove its resilience for the balance of this year and beyond.”