A.G. Barr plc, best known for Scottish fizzy drink Irn-Bru, said that it expects revenue to fall by up to 15% this year, while reporting a recovery in its hospitality and 'on the go' segments as coronavirus curbs eased in recent weeks.
The London-listed soft drinks maker said the outlook was based on the company's assumption that the UK would not enter into a further significant period of lockdown, along with estimated adjustment for Rockstar energy drink no longer being part of its portfolio for the final quarter.
Business Response
"I am incredibly proud of how our teams across the business have responded to the COVID-19 pandemic," commented Roger White, the company's chief executive.
"These have been difficult times for everyone however, despite the challenging environment, we have maintained our quality and service standards, thanks to the dedication and adaptability of our people. We are a profitable and cash generative business in a robust drinks sector and I am confident that our business will continue to prove its resilience for the balance of the year and beyond".
A.G. Barr said that it ended the 2019/20 financial year with an 'encouraging sales performance', which continued into the first eight weeks of the new financial year.
Looking ahead, the group said, 'As the country gradually emerges from lockdown there remains a high level of uncertainty around the balance of year trading, in terms of both shopping behaviours and consumer consumption patterns.'
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
