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Pin to quick picksBarr (A.G.) Regulatory News (BAG)

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Pre Close Trading Update

24 Jul 2015 07:00

RNS Number : 9569T
Barr(A.G.) PLC
24 July 2015
 

IMMEDIATE RELEASE 24 July 2015

 

A.G. BARR p.l.c.

 

Pre Close Trading Update

 

 

A.G. BARR p.l.c. ("A.G. BARR"), the soft drinks group, announces a pre-close trading update in respect of the six months to 25 July 2015.

 

In the six month period to date trading has remained subdued as anticipated; the combination of tough prior year comparatives and changes to market promotional phasing, related to our Glasgow 2014 Commonwealth Games activity, along with poor weather, particularly in the north of the UK, have all had an impact on our sales performance. In addition, our Business Process Redesign project (BPR) and the subsequent transition to a new company wide system platform in early June has, as expected with a project of such scale and complexity, given us some short term customer service challenges which have also impacted our overall revenue performance.

 

Half year sales revenue is expected to be c.£128m which is a drop of c.5% on the prior year. On an ongoing basis, allowing for the impact of the loss of the Orangina brand and the divested Findlays brand, sales declined by c.3.5%.

 

Market conditions have remained competitive with ongoing deflation across the soft drinks market and continued high levels of price promotion. Despite these challenges our margins remain in line with management expectations.

 

The last six months have been a very busy period at A.G. BARR with the closure of our Tredegar site, commissioning of carton packaging capability at Milton Keynes, the acquisition of Funkin and the go-live of our BPR project, however all of these actions will lay the foundations for further growth and operational improvement. Our objective for the second half of the year is to bring improved operational stability and growth to the business and to begin to realise the benefits associated with the changes we have made.

 

Our balance sheet remains strong and our capital investment plans are in line with management expectations.

 

Outlook

As expected at the start of the year, our financial performance in the current financial year will be more weighted to the second half given our strong performance in the first half of last year, combined with the significant operational improvement programme currently being implemented.

 

We expect trading across the market will remain competitive, however assuming there are no significant changes to the competitive or customer landscape and that we continue to make good progress on all our change initiatives, we plan to regain sales momentum which would enable us to meet our expectations for the full year. We will provide a further more detailed update in our interim results on 22 September 2015.

 

A.G. BARR

Tel: 01236 852400

Roger White, Chief Executive

Stuart Lorimer, Finance Director

Instinctif

Tel: 020 7457 2020

Justine Warren

Matthew Smallwood

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Date   Source Headline
8th Mar 20199:36 amRNSHolding(s) in Company
15th Feb 20197:30 amRNSTransaction in Own Shares
8th Feb 20199:39 amRNSDirector/PDMR Shareholding
8th Feb 20197:30 amRNSTransaction in Own Shares
5th Feb 20197:30 amRNSTransaction in Own Shares
25th Jan 201912:25 pmRNSClosed period repurchase programme
25th Jan 20197:00 amRNSTrading Update
15th Jan 201910:48 amRNSNotice of Pre-Close Trading Update
9th Jan 201912:38 pmRNSDirector/PDMR Shareholding
10th Dec 20181:32 pmRNSDirector/PDMR Shareholding
8th Nov 201812:14 pmRNSDirector/PDMR Shareholding
29th Oct 201812:26 pmRNSDirector/PDMR Shareholding
29th Oct 201812:24 pmRNSDirector/PDMR Shareholding
29th Oct 201812:22 pmRNSDirector/PDMR Shareholding
29th Oct 201812:19 pmRNSDirector/PDMR Shareholding
25th Oct 20187:00 amRNSBoard Appointment
23rd Oct 20187:30 amRNSTransaction in Own Shares
17th Oct 20187:30 amRNSTransaction in Own Shares
16th Oct 20187:30 amRNSTransaction in Own Shares
12th Oct 20187:44 amRNSTransaction in Own Shares
10th Oct 20187:30 amRNSTransaction in Own Shares
8th Oct 20181:15 pmRNSDirector/PDMR Shareholding
8th Oct 20187:30 amRNSTransaction in Own Shares
5th Oct 20187:30 amRNSTransaction in Own Shares
4th Oct 20187:30 amRNSTransaction in Own Shares
2nd Oct 20187:30 amRNSTransaction in Own Shares
1st Oct 20189:11 amRNSTransaction in Own Shares
28th Sep 20182:18 pmRNSDirector/PDMR Shareholding
28th Sep 20187:30 amRNSTransaction in Own Shares
27th Sep 20187:30 amRNSTransaction in Own Shares
26th Sep 20187:30 amRNSTransaction in Own Shares
25th Sep 20187:00 amRNSInterim Results
10th Sep 20181:42 pmRNSDirector/PDMR Shareholding
8th Aug 20181:28 pmRNSDirector/PDMR Shareholding
1st Aug 20187:00 amRNSTrading Update
24th Jul 20187:00 amRNSNotice of Trading Update
9th Jul 201811:45 amRNSDirector/PDMR Shareholding
28th Jun 201811:34 amRNSHolding(s) in Company
21st Jun 20187:00 amRNSTransaction in Own Shares
19th Jun 20187:00 amRNSTransaction in Own Shares
18th Jun 20187:00 amRNSTransaction in Own Shares
15th Jun 20187:00 amRNSTransaction in Own Shares
14th Jun 20187:29 amRNSTransaction in Own Shares
11th Jun 20181:20 pmRNSDirector/PDMR Shareholding
11th Jun 20181:18 pmRNSDirector/PDMR Shareholding
11th Jun 20181:08 pmRNSDirector/PDMR Shareholding
11th Jun 201810:56 amRNSDirector/PDMR Shareholding
11th Jun 20188:58 amRNSTransaction in Own Shares
8th Jun 20181:31 pmRNSDirector/PDMR Shareholding
30th May 20182:13 pmRNSDirector/PDMR Shareholding

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