A.G. Barr has reported a strong rise in profits and revenue for its fiscal first half, helped by increased demand for its products as well as price hikes.
For the six months to 30 July 2023, pre-tax profit rose by 12.6% to £27.8m (+6.7% on an adjusted basis), while revenue jumped up 33.2% to £210.4m (+10.2% on a like-for-like basis).
Adjusted operating profit margin, however, slid by 370bps to 12.5%, as the group absorbed costs. It said the result was in line with expectations.
A.G. Barr’s soft drinks unit saw revenue grow by 38.9% to £181.9m (+11.3% LFL), the FUNKIN ready-to-drink cocktails reported a 2.6% uptick to £23.3m, while its MOMA Foods division registered a 23.8% jump to £5.2m. The group said these results outperformed the wider market and were helped by “volume, price and mix”, as well as increased consumer marketing support.
The group said it has “a number of exciting brand launches” planned for the second half of the year, adding that it remains confident of delivering full-year profit growth figures that will be “marginally above the top end of analyst consensus.”
