(Alliance News) - AG Barr PLC on Tuesday said it expects to report annual profit marginally ahead of company guidance, driven by an improved operating margin and double digit growth in revenue.
For the year ended January 30, the Cumbernauld, Scotland-based soft drinks manufacturer said its operating margin is expected to be around 15.6%, compared to 14.8%, leading to pretax profit before exceptional items coming ahead of November guidance, which was set at GBP41 million.
For the prior financial year, AG Barr's pretax profit before exceptional items stood at GBP32.8 million.
Meanwhile, revenue for the year is expected to be GBP267 million, ahead of guidance of GBP264 million set in November, and 18% higher from GBP227.0 million the prior year.
The group's performance is also on-track to be 4.4% above pre-virus levels of GBP255.7 million.
AG Barr said its strong trading performance was in spite of unexpected and increased Covid-related restrictions, with the Barr Soft Drinks and Funkin business units trading well.
"We have delivered an excellent financial performance against a volatile backdrop, whilst at the same time delivering on our strategic priorities, with particularly encouraging progress made across our No Time To Waste environmental sustainability programme. We plan to further invest in our business in 2022/23 and remain confident in our ability to deliver continued growth in both revenue and profit in the coming year," said Chief Executive Officer Roger White.
AG Barr will publish its annual results on March 29.
Shares in AG Barr were up 1.0% at 500.08 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Barr (A.G.) (BAG)