Cumbernauld-based Irn-Bru maker A.G. Barr said in a trading update on Tuesday its revenue for the year ended January 24, 2021, is expected to fall about 11% to £227 million.
Thats marginally ahead of the revised guidance issued in July 2020 by the firm and reconfirmed in the interim results announced in September 2020.
Barr said profit before tax and exceptional items performance is expected to be ahead of market expectations.
Barr’s other brands include Rubicon and Funkin.
“Operating margin before exceptional items across the full financial year is expected to be in line with the prior year leading to a profit before tax and exceptional items performance ahead of market expectations,” said Barr.
“In the first 4 months of the second half trading was at the upper end of our scenario plans.
“However, COVID-19 developments since early December 2020, in particular increased social restrictions across the UK and the entry into full lockdown in January 2021, are now having an impact, most notably in the hospitality and ‘drink now’ categories.
“Our business has remained strongly cash generative throughout the year and we expect to end the year with c.£50m net cash at bank.”
Barr CEO Roger White said: “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.
“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.”