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(Alliance News) - Irn-Bru maker AG Barr PLC on Tuesday said financial 2020 adjusted pretax profit will beat market estimates thanks to increase in average realised prices due to adjustments in soft drinks promotions and pricing.
Shares in AG Barr were up 13% at 610.71 pence each in London in morning trade.
The Scottish soft drinks company said it adjusted its pricing and promotions in the year ended January 25 to align more closely with market conditions, which resulted in an increase in average realised prices.
"Our Rockstar and Rubicon recovery plans are now being implemented, Irn-Bru has returned to growth in the final quarter and Funkin continues to perform strongly," the company added.
For financial 2020, AG Barr hopes adjusted pretax profit to be be at the top end of current market expectations, just ahead of GBP37 million, but down from GBP45.2 million a year ago. Revenue is predicted to total GBP255 million versus GBP279 million a year ago.
The external landscape remains challenging, however we exit the year with encouraging trading momentum which we expect to continue into 2020, the company note.
"We are taking action to reset our business and we enter the new financial year with confidence and a strong trading plan," AG Barr Chief Executive Roger White said.
By Tapan Panchal; tapanpanchal@alliancenews.com
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