AG Barr sees FY profits slightly ahead of consensus expectations
By Michele Maatouk
Date: Tuesday 31 Jan 2023
(Sharecast News) - Irn-Bru maker AG Barr said on Tuesday that it was set to deliver full-year profit "slightly ahead" of current market expectations following a strong second-half sales performance.
In an update for the 52 weeks to 29 January 2023, the company said group revenues rose around 17% from the prior year to £315m. It noted that the previous year included an extra week of trading, while revenue for 2023 was strengthened by an eight-week contribution from the Boost brand, which it bought in December, and a full year of MOMA.
On a like-for-like basis, revenues are expected to have ticked up 15%.
AG Barr said all four business units - Barr Soft Drinks, Boost, Funkin and MOMA - contributed to the overall "strong" revenue performance.
"As anticipated, the inflationary backdrop across the UK continued across the second half of our financial year," it said. "We have remained focused on supporting our employees, customers and consumers alongside taking positive action to mitigate the inflationary cost pressures.
"We are pleased to confirm that we anticipate delivering a full-year profit performance ahead of the prior year, and slightly ahead of current market expectations."
Looking ahead, Barr said it expects further revenue growth across the group but warned over continued high inflation and the planned introduction of a deposit return scheme (DRS) in Scotland in August, "both of which have the potential to impact consumer behaviour".
"Our internal implementation planning for DRS is well advanced and we believe our strong brand portfolio and ongoing actions to mitigate inflation will support the delivery of our growth ambitions," it said.
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