UK: Carbonates boost AG Barr FY profits
AG Barr FY profits up 21%
AG Barr said it “significantly outperformed” the UK soft drinks market in 2009 booking a 20.8% rise in full-year adjusted pre-tax profits boosted by strong growth in its carbonate brands.
Scottish drinks maker said today (22 March) that normalised profits before tax (pre exceptional items) for the year ended 30 January 2010 increased to GBP27.9m (US$41.9m).
Profits before tax for the 12 month period rose to GBP24.5m, an increase on the prior year of 5.3% after charging exceptional items of GBP3.4m.
EBITDA (pre exceptional items) increased by 22.7% to GBP37.7m, representing an
improved EBITDA margin of 18.7%, previously 18.1%.
The firm delivered full year sales of GBP201.4m, an increase of 18.7% on the prior year. The increase was seen across both the still drinks, water and carbonates segments. Around GBP17.2m of the growth in revenue was delivered through the stills segment, fuelled by the inclusion of a full-year's trading of the Rubicon brand bought in 2008.
Stripping out the effects of the Rubicon acquisition, like-for-like sales grew by 10.6% in the period.
AG Barr’s core brands performed well, growing volume share, particularly in England and Wales. Across the UK the firm’s share of carbonates, excluding mixers, increased by 6% and in England and Wales share increased by 20%.
Carbonates recorded a 10.1% year-on-year increase in value, “well ahead of the market”, AG Barr said.
Within the carbonates segment, Irn-Bru delivered year-on-year growth of 5%.
Roger White, group CEO, said: "The business has delivered a strong financial performance in the last year despite the difficult macro economic environment. Our core business sales performance was excellent and the Rubicon brand has added a new dimension to our business.”
He added: “We continue to face an uncertain economic outlook with the additional challenge of substantial operational changes across 2010/11. However, looking forward we remain confident in our ability to deliver against our strategy.”
The company recommended a final dividend of 16.85 pence, giving a total dividend of 23.1 pence, up 10% from last year.
“I know that the strong results for the year to January 2010 were built on a solid base and I am confident that we are well placed to maintain the momentum in the business into the future,” White added.
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