Rubicon and Irn-Bru owner lifts annual profit forecast
AG Barr, the company behind Rubicon, Irn-Bru and Funkin, has announced its annual profits will beat market expectations.
In a statement released today the company said that it expects revenue to hit £264m whilst profit before tax is expected to be around £41m, up from intake of £227m and profit of £32.8m in the previous year.
Barr said its performance in both the “on the go” and hospitality sectors has been “particularly strong” with recent innovation launches “exceeding expectations.”
“The positive trading momentum reported at our interim results in September has continued and sales have grown ahead of our expectations, across both our Barr Soft Drinks and Funkin business units,” the company said in a statement, referencing a year on year revenue increase of 19.5 per cent to £135.3m in H1.
Whilst AG Barr is looking ahead to the second half of the year with confidence it commented that the fast moving situation in relation to the COVID-19 pandemic remains a risk.
A challenging supply chain environment could also impact the bottom line, however the company noted its wider supply chain had so far maintained its resilience and supported volume growth.
A further trading update is expected in early February 2022.
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