IMMEDIATE RELEASE 28 September 2021
A.G. BARR p.l.c.
(“A.G. BARR” or “the Group”)
A.G. BARR produces and markets some of the UK's leading drinks brands, including IRN-BRU, Rubicon and Funkin.
INTERIM RESULTS FOR THE 27 WEEKS ENDED 1 AUGUST 2021
Strong first half performance and recommencement of dividends
Financial summary
|
|
Aug 2021 |
July 2020 |
Change |
|
Revenue |
£135.3m |
£113.2m |
19.5% |
|
Profit before tax (before exceptional items)* |
£23.7m |
£16.6m |
42.8% |
|
Statutory profit before tax |
£24.4m |
£5.1m |
378.4% |
|
Operating margin before exceptional items* |
17.7% |
15.1% |
260 bps |
|
Earnings per share before exceptional items* |
12.15p |
10.52p |
15.5% |
|
Net cash flow from operating activities |
£16.9m |
£24.0m |
(29.6%) |
|
Net cash at bank |
£65.6m |
£30.5m |
115.1% |
Highlights
· Strong trading across both business units
o Barr Soft Drinks : Positive momentum across core brands IRN-BRU and Rubicon, recovery in “on-the-go” consumption, and encouraging performance from new product launches including Rubicon RAW Energy
o Funkin : Strong growth in the Funkin brand including 150.1% growth in Funkin's ready to drink cocktails and on-trade momentum supported by some customer restocking
· Record first half profit reflects positive underlying volume momentum as well as a number of benefits which will not repeat in the second half. Full year operating margin expected to be slightly ahead of the prior full year
· Strong balance sheet with £65.6m of net cash at bank
· Recommencement of dividends, comprising an interim dividend of 2.00 pence per share plus a one-off special dividend of 10.00 pence per share
Roger White, Chief Executive, commented:
“AG Barr is a growth-focused business operating in resilient and growing market categories, with dynamic brands, great people and a strong financial position.
“Our positive first half performance reflects these fundamentals as well as the encouraging performance of recent innovation launches in both soft drinks and cocktails.
“We remain on track to deliver strong full year profit performance, slightly ahead of our 2019/20 pre-COVID level.”