A.G. Barr Forecasts Annual Profit Above Expectations, Flags Challenges
Soft drinks maker A.G. Barr said that it expects annual pretax profit to be ahead of market estimates, but warned the months ahead would be challenging due to the coronavirus-led restrictions imposed in December.
The company, best known for Scottish fizzy drink Irn-Bru, forecast revenue for the year ended January 24 to be about £227 million (€255 million), compared to £255.7 million (€287.3 million) last year.
Operating margin is expected to be in line with the previous year, with profit before tax 'ahead of market expectations'.
"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," commented Roger White, chief executive. "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."
The company added that it has remained 'strongly cash generative' throughout the year, and expects to end the period with a net c. £50 million cash.
The group will announce its full-year results on 30 March.