Last checked at 3 Dec 2015 07:00
3 DECEMBER 2015
A.G. BARR p.l.c.
("A.G. BARR" or "the Company")
Trading Update
A.G. BARR p.l.c., the soft drinks group, today announces its trading update covering the period from 26 July 2015 to date.
Revenue from the ongoing business* for the 18 weeks to 28 November 2015 increased by 3.9% compared to the equivalent period last year. Year to date revenue from the ongoing business*, as at 28 November, declined by 0.2%. Year to date revenue on a reported basis declined by 2.2%
As anticipated, our revenue performance in the third quarter has gained momentum as we put the specific challenges of the first half behind us and return to our long-term growth strategy.
Despite continued difficult market conditions we have maintained our market share, as measured by the latest available IRI market data, supported by continued brand investment.
Margins remain in line with our expectations, underpinned by ongoing tight cost control activity.
Our balance sheet remains strong and there have been no significant changes in the financial position of the Company since the publication of the Interim Accounts for the six months ended 25 July 2015.
We continue to deliver against our operational investment and efficiency programme. The warehouse expansion project at our Milton Keynes site is nearing completion and good progress is being made on the production capability projects at both Milton Keynes and Cumbernauld, which will provide increased flexibility and support future innovation opportunities.
Outlook
We are now entering the important festive trading period and we anticipate the marketplace will remain highly competitive. However our sales execution activities are well developed and, as previously stated, assuming satisfactory Christmas trading, the Company remains on track to meet the Board's expectations for the year.
For further information, please contact:
A.G. BARR Tel: 01236 852400
Roger White, Chief Executive
Stuart Lorimer, Finance Director
Instinctif Tel: 020 7457 2020
Justine Warren
Matthew Smallwood
* Adjusting for the impact of discontinued business and including Funkin Limited acquired in February 2015.