UK: Brand investment boosts AG Barr FY profits
- FY profits before tax climb by 13.3% to GBP31.6m (US$50.5m)
- Operating profits reach GBP31.5m, a 19.8% increase on 2009
- Sales grow by 10.4% to GBP222.4m
- Company outperformed a buoyant UK soft drinks market
AG Barr's full-year profit before tax climbed by 13.3%
AG Barr has recorded an increase in full-year profits driven by an increase in brand investment.
For the year to 29 January, profits before tax amounted to GBP31.6m, (US$50.5m), a 13.3% increase on the prior year. Operating profits climbed by 19.8% to GBP31.5m.
Sales in the period grew by 10.4% to GBP222.4m.
The firm said it outperformed a buoyant UK soft drinks market by focusing on its core brands, Irn-Bru and Rubicon. According to figures from Nielsen, the UK soft drinks market continued to grow steadily across 2010, with UK take home growth of 7% in value and 3% in volume across the category as a whole.
"AG Barr has maintained its track record of strong financial performance, delivering double-digit sales and profits growth, despite the challenging macro economic environment,” said AG Barr's chief executive, Roger White. “Our strategy remains to build, for the long term. We plan to make further investments aimed at developing our portfolio, strengthening our executional capabilities and driving further increased efficiency into our asset base.”
However, looking ahead, AG Barr said the industry faces challenges in 2011, with rising input costs and increased consumer caution.
Click here to view the company's full earnings release.
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