A.G. Barr, the Cumbernauld-based maker of Irn-Bru, Rubicon energy drinks and Funkin cocktail mixers, said its revenue was £210.4 million in the 26 weeks to July 30, 2023, representing year on year growth of 33.2% on a reported revenue basis, including the contribution from the Boost Drinks business acquired in December 2022.
Revenue growth was 10.4% on a like-for-like basis.
Reported profit before tax in the period increased 12.6% to £27.8 million. Adjusted profit in the period was £27 million, an increase of 6.7% on the prior year first half.
Interim dividend of 2.65p per share represents an increase on the prior year of 6%.
In its outlook, Barr said: “In a year of investment across the business, supporting the group’s long-term revenue and profit growth ambitions, we are pleased to report we have made significant financial and strategic progress in line with our plan.
“Our medium-term plan to rebuild operating profit margin is progressing well, supported by brand and portfolio development, group manufacturing optimisation and disciplined cost control.
“We have strong plans in place across the business for the balance of the year to support our growth momentum.
“In August we communicated our expectation of delivering a full year profit performance marginally above the top end of analyst consensus.
“Despite the extended period of poor weather across the summer, we remain confident in delivering in line with these revised market expectations.
Our portfolio of leading brands, clear business strategy, talented teams and the quality of our infrastructure all ensure we are well positioned to deliver strong shareholder returns for the long-term.”
A.G. Barr CEO Roger White said: “We have made significant financial and strategic progress in the first half and have exciting plans in place for the balance of the year to sustain our growth momentum.
“We remain confident in delivering a full year profit performance in line with our recently increased market expectations and are well positioned to deliver strong shareholder returns for the long-term.”