29 March 2022
A.G. BARR p.l.c.
(“A. G. BARR” or “the Group”)
Final results for the year ended 30 January 2022
Excellent financial performance generated by strong sales growth
A.G. BARR p.l.c., which produces and markets some of the UK's leading drinks brands, including IRN-BRU, Rubicon and Funkin, today announces its final results for the 53 weeks ended 30 January 2022.
Financial summary
|
|
53 wks to 30 Jan 2022 |
|
52 wks to 24 Jan 2021 |
vs 21/22 |
|
52 wks to 25 Jan 2020 * |
vs 21/22 |
|
Revenue |
£268.6m |
|
£227.0m |
18.3% |
|
£255.7m |
5.0% |
|
Profit before tax (before exceptional items)* |
£41.5m |
|
£32.8m |
26.5% |
|
£37.4m |
11.0% |
|
Statutory profit before tax |
£42.2m |
|
£26.0m |
62.3% |
|
£37.4m |
12.9% |
|
Operating profit margin (before exceptional items)* |
15.6% |
|
14.8% |
0.83 pp |
|
14.9% |
0.73 pp |
|
Basic EPS (before exceptional items)* |
25.09 p |
|
17.18 p |
46.1% |
|
26.50 p |
(5.3%) |
|
Net cash from operating activities |
£43.4m |
|
£50.7m |
(14.4%) |
|
£40.1m |
8.2% |
|
Net cash at bank |
£68.4m |
|
£50.0m |
36.8% |
|
£10.9m |
527.5% |
|
Dividend per share (proposed final & interim) |
12.00 p |
|
– |
– |
|
4.00 p |
200.0% |
Highlights
- Excellent financial performance, generated by strong sales growth, resulting in a profit performance ahead of 2019/20 pre-Covid levels
- Strong trading reflecting the successful execution of our growth strategy – investing in our brands, innovation, operations and people – combined with a general market recovery
- All brands in growth with core brands now ahead of pre-Covid levels
- Barr Soft Drinks : strong momentum across the soft drinks portfolio supported by continued brand investment and innovation, with a particular focus on the energy category
- Funkin :significant progress made in further establishing Funkin as the leading consumer cocktail brand in both the take home and the hospitality sectors
- “No Time To Waste” environmental sustainability programme continued at pace
- Completion of full carbon footprint assessment has enabled setting of science-based targets that will guide the Group on its net zero journey
- Strong cash generation and robust balance sheet continues to support capital and dividend programmes
- Dividend payments recommenced – interim (2p), proposed final (10p) and one-off special dividend (10p paid in October 2021)
- Equity investment in MOMA Foods Limited in December 2021, demonstrating the Group's continued ambition and drive to find opportunities to participate in exciting high growth categories
- We were pleased to welcome Mark Allen OBE and Zoe Howorth to the Board in July 2021 as independent Non-Executive Directors
Roger White, Chief Executive, commented :
“Our business and brands have once again proven their resilience in uncertain and often challenging circumstances.
“We have accelerated our revenue growth and consequently delivered a strong financial performance. In the year we have recommenced our dividend, alongside paying a one-off special dividend, and our balance sheet has continued to strengthen.
“Our focus on environmental sustainability has accelerated, as we increase our use of recycled materials, reduce our carbon footprint and ready our business for a successful deposit return scheme implementation, due to go live in Scotland in August 2023.
“We enter the new financial year with good momentum and exciting brand and sales plans. Trading in the early weeks of the new financial year has been well ahead of the prior year and in line with our expectations.
“Like most companies we are facing significant inflationary pressures but we are well placed as a Group to deal with these and will continue to seek to manage our exposure proactively through mitigating actions across revenue management, pricing, procurement and cost control.
“The growth potential of our business is underpinned by our growing brands, our highly capable people and our resilient infrastructure. We plan to invest further in all of these important areas and I remain confident in our ability to deliver continued growth in both revenue and profit in the coming year.”