Irn Bru owner AG Barr to beat revenue expectations despite Covid restrictions
Irn Bru owner AG Barr said full-year revenue is expected to be ahead of guidance, which was revised down in June due to the coronavirus pandemic.
AG Barr announced this morning that revenue for the financial year ended 24 January will come in at around £227m, down from £255.7m the previous year but slightly higher than anticipated.
Meanwhile, profit before tax and exceptional items is expected to be ahead of market expectations after operating margin was in line with the previous year, AG Barr, which also makes Rubicon and Dandelion and Burdock, said.
The company – which has £50m of cash in the bank – said trading in the first four months of the second half has been at the upper end of scenario plans, but the Covid restrictions introduced in December dampened performance.
The entry into full lockdown in January is impacting AG Barr’s hospitality and “drink now” categories, it said.
AG Barr chief executive Roger White said: “Within a volatile environment our sites have remained safe and operational and I wish to thank our employees who have worked tirelessly to support our customers and consumers in these testing times.
“I am pleased with the performance we have delivered against a very difficult backdrop which further demonstrates the underlying resilience of our people, business and brands.
“We expect the months ahead to be challenging for everyone however I remain confident in our ability to navigate these very uncertain times.”