AG Barr LFL revenues rise in H1

2nd Aug 2022 10:07

(Sharecast News) - Drinks maker AG Barr said on Tuesday that interim revenues were expected to be approximately £157.0m, representing 19% like-for-like growth in revenues and a 16% rise on a reported revenue basis.

AG Barr stated its "strong revenue performance" reflected continued positive momentum across all of its business units - Barr Soft Drinks, Funkin, and MOMA.

The London-listed group highlighted that said growth had been driven by ongoing brand investment and the successful execution of its pricing and promotional activity and added that its trading performance also further benefited from a year-on-year Covid recovery across the market, particularly in the on-trade and out-of-home sectors, as well as "exceptional British summer weather" in recent weeks.

Looking forward, AG Barr said it anticipates that the UK's current high level of inflation will continue throughout the remainder of the year, with economic conditions becoming "increasingly challenging".

Chief executive Roger White said: "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."

As of 1005 BST, AG Barr shares were down 0.60% at 539.72p.

Reporting by Iain Gilbert at Sharecast.com