IMMEDIATE RELEASE 26 January 2021
A.G. BARR p.l.c.
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 a trading update in respect of the financial year ended 24 January 2021.
Revenue for the year is expected to be c. £227m (2019/20 : £255.7m), marginally ahead of the revised guidance issued in July 2020 and reconfirmed in the interim results announced in September 2020.
Operating margin before exceptional items across the full financial year is expected to be in line with the prior year leading to a profit before tax and exceptional items performance ahead of market expectations.
In the first 4 months of the second half trading was at the upper end of our scenario plans. However, COVID-19 developments since early December 2020, in particular increased social restrictions across the UK and the entry into full lockdown in January 2021, are now having an impact, most notably in the hospitality and "drink now" categories.
Our business has remained strongly cash generative throughout the year and we expect to end the year with c.£50m net cash at bank.
Commenting on the results, Roger White, Chief Executive, said :
"Within a volatile environment our sites have remained safe and operational and I wish to thank our employees who have worked tirelessly to support our customers and consumers in these testing times. I am pleased with the performance we have delivered against a very difficult backdrop which further demonstrates the underlying resilience of our people, business and brands.
We expect the months ahead to be challenging for everyone however I remain confident in our ability to navigate these very uncertain times."
The full year results are expected to be announced on 30 March 2021.
For more information, please contact :
A.G. BARR 0330 390 3900 Instinctif Partners 020 7457 2010/05
Roger White, Chief Executive Justine Warren
Stuart Lorimer, Finance Director Matthew Smallwood