A.G. BARR Sees Higher H1 Revenue; Says Confident Of Higher Profit In FY, In Line With View

A.G. BARR plc (BAG.L), a producer of drinks brands, including IRN-BRU, Rubicon and Funkin, Tuesday said it expects first-half revenue to be about 157 million pounds, a year over-year growth of about 16 percent.

In the prior year, revenues were 135.3 million euros for the 27 weeks to August 1, 2021.

Fiscal 2022/23 is a 52-week year with a 26-week first half, while last year was a 53-week financial year with a 27-week first half.

Revenue growth would be about 19 percent on a like-for-like basis, excluding both the 27th week in prior year and the revenue contribution from MOMA Foods in the current reporting period

The company attributes the strong revenue performance to continued positive momentum across all business units - Barr Soft Drinks, Funkin and MOMA.

Looking ahead, the company anticipates that the UK's current high level of inflation will continue across the balance of the year. Across the second half of the financial year, the company will continue to invest behind its brands.

Roger White, Chief Executive, said, "Our brands are performing well and our business has continued to demonstrate both its resilience and flexibility. While not immune to the current cost inflationary pressures experienced across the UK, looking forward into the second half of the financial year, we remain confident of delivering a full-year profit performance ahead of the prior year and in line with board expectations."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration said it now intends to review only a small subset of new emergency use authorization or EUA requests for diagnostic tests. As per an updated COVID-19 test policy with a view to ensure continued access to tests, the regulator further urged developers of all test types seeking marketing authorization to pursue traditional premarket review for most test types. Netflix, Inc. said it is adding a new feature to offer a more personalized mobile games experience on the platform. In a statement, Sophia Yang, Product Manager, Mobile Games, said the company is rolling out the ability to create game handles, with which members will be able to create a unique public username. This can be used across all Netflix games. General Motors Co. has delayed its plan to require employees to return to office many days a week until next year, reports said citing an internal memo signed by CEO Mary Barra. Last week, the company had announced that corporate workers would be required to return to respective offices at least three days a week, beginning later this year, as the COVID-19 pandemic eases.
Follow RTT