Barr(A.G.) Plc - AGM Statement
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A.G. BARR p.l.c.
A.G. BARR p.l.c.,"the Company", which produces and markets some of the UK's leading drinks brands, is holding its Annual General Meeting today at 12pm BST at which the following comments will be made :
"We are pleased to announce that trading in the year to date is in line with the Board's expectations.
Despite lockdown restrictions being in place across much of the first quarter, Barr Soft Drinks trading has been relatively strong since the start of the new financial year. As lockdown restrictions have eased we have seen a positive impact on both our sales volume and mix, with a shift back towards 'drink now', hospitality and leisure. Our soft drinks trading momentum has been supported by encouraging new product launches - Rubicon RAW Energy in particular achieving promising initial customer listings and consumer feedback.
While the pace and extent of the reopening of the hospitality sector varies by region, our Funkin business is already beginning to see the benefits, delivering on-trade sales that provide optimism for the sector's recovery. Across the take-home channel, the strong performance of our Funkin ready to drink cocktails during 2020 is continuing, with an increase in both customer listings and new consumers enjoying Funkin cocktails at home.
Current trading is encouraging and we have clear plans to further invest in our brands, with exciting consumer engagement and marketing activity planned across the year.
Our balance sheet remains strong and we remain committed to our plan to recommence dividend payments during the current financial year. A further update in this regard will be provided in our half year trading update in early August 2021.
Whilst there remains some uncertainty in the short term as pandemic related restrictions ease, we believe we are well placed to drive the growth of the business and remain confident in the Company's prospects for the full year."