UK: AG Barr H1 profits up, but caution remains for FY
- First-half net profits rise by 11.6% to GBP12.5m (US$19.4m)
- Operating profits edge up by 3.7% to GBP16.8m
- Net sales climb by 4% to GBP123.9m
- Company remains cautious for the second half
AG Barr's first-half pre-tax profits edged up by 5.8%
AG Barr has recorded an increase in first-half net profits, but said it remains cautious about the second half of the year.
For the six months to 30 July, the Rubicon and Strathmore producer reported an 11.6% increase in net profits to GBP12.5m (US$19.4m). Operating profits in the period edged up by 3.7% to GBP16.8m, the company reported today (27 September).
Sales in the first-half rose by 4% to GBP123.9m. The performance was driven by sales increases of 2.3% in carbonates and 9.8% in still brands, AG Barr said. Irn-Bru sales however, declined by 1.2% in the period.
“Whilst we expect general trading to remain challenging over the coming months," the company said, "we do believe AG Barr can continue to trade well throughout this period, benefiting from significantly less strenuous second-half comparatives, strong cost control, excellent innovation and a full programme of sales activity across the second half.”
Click here to view the full earnings release.
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