Business
Trading update for the 26 weeks ended 30 July 2023
Trading update for the 26 weeks ended 30 July 2023.
About this update from A.g. Barr P.l.c.
[{"type":"text","content":"\n\nIMMEDIATE RELEASE 1 August 2023\nA.G. BARR p.l.c.\n(\"A.G. BARR\" or \"the Group\")\n \nStrong first half performance\nA.G. BARR p.l.c., a branded multi-beverage business with a portfolio of market-leading UK brands, including IRN-BRU, Rubicon, FUNKIN and Boost, today announces a trading update for the 26 weeks ended 30 July 2023.\nRevenue for the first half of the financial year is expected to be c.£210m (2022/3 : £157.9m). This represents c.33% year-on-year revenue growth - c.10% on a like-for-like basis - excluding the contribution from the Boost Drinks business acquired in December 2022.\nThe Group delivered revenue and volume growth, reflecting underlying brand momentum, the benefit of higher pricing from early in the year and particularly good weather in June :\n● Barr Soft Drinks and Boost Drinks - strong trading performance across the soft drinksdivisions driven by volume growth, pricing and mix, alongside effective sales execution and successful consumer marketing activity\n● FUNKIN Cocktails - revenue growth driven by further distribution gains, increased consumer marketing investment and continued exciting innovation, particularly in the retail channel. While cocktail consumption in the on-trade has slowed following last year's post-Covid high, FUNKIN has maintained its position as the UK's Number 1 cocktail brand\n● MOMA Foods - brand and consumer marketing investment supporting significant year on year growth, as oat milk outperforms other plant-based milk categories\nAs anticipated, first half margins remained under pressure but are in line with our expectations. We remain focused on offering consumers great value, affordable brands.\nH2 outlook\nWe exit the first half with strong brand momentum. The Scottish deposit return scheme delay provides us with a more stable and certain consumer environment and enables the accelerated execution of our innovation plans. We now have a number of exciting brand launches planned for the second half of the year.\nWe continue to ...