Barr (A.G.) Regulatory News (BAG)

IMMEDIATE RELEASE 2 August 2022

A.G. BARR p.l.c.

("A.G. BARR")

Strong H1 trading - full year in line with expectations

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 26 weeks ended 31 July 2022. 

We are pleased to report that revenue for the first half of the financial year is expected to be c.£157m. 

This represents year on year revenue growth of :

● c.19% 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

● c.16% on a reported revenue basis (27 weeks* to 1 August 2021 : £135.3m) 

This strong revenue performance reflects the continued positive momentum across all business units - Barr Soft Drinks, Funkin and MOMA. Our growth has been driven by ongoing brand investment and the successful execution of our pricing and promotional activity. Trading performance further benefited from the year on year Covid recovery across the market, particularly in the on-trade and out of home sectors, as well as the exceptional British summer weather in recent weeks.

Outlook We anticipate that the UK's current high level of inflation will continue across the balance of the year, with economic conditions becoming increasingly challenging for consumers and industry alike. Across the second half of the financial year we will continue to invest behind our brands and believe that our strategy will support continued growth. At the same time we will take appropriate mitigating action to limit the full year impact of cost inflation. 

Roger White, Chief Executive, commented:

"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 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

Next update : Interim Results - September 2022

* 2021/22 was a 53-week financial year with a 27-week first half. 2022/23 reverts to a 52-week year with a 26-week first half