AG Barr shares up despite profits hiccup

FTSE 250 beverage manufacturer AG Barr (LON:BAG) said that revenues rose by 5.6% during the year ended 26th January. However, statutory profits before tax dropped slightly to £44.5 million due to a one-off pension charge. A.G Barr’s share price increased by 2.06% to 793p (as of 14:22 GMT).

CEO Roger White said: “At the outset of 2018 we set out a clear strategy and specific actions which we believed were required to deliver continued financial success during what we forecast to be a year of significant changes across our industry. I am pleased to report we have delivered another strong financial performance having adapted well to both the circumstances we anticipated and those which were less expected.

“It is with this backdrop in mind that I emphasise the flexibility and strength of our business model, people and brands, all of which continue to deliver consistently.

“We have grown revenue by 8.0% and 5.6% respectively over the past two years reflecting the growth potential of our business. Whilst the uncertainty across the UK economy is likely to prevail for the foreseeable future, we have consistently demonstrated over the long-term that our strategy and execution are fit for purpose and resilient. The markets in which we operate are robust and provide us with continued opportunities to grow.

“We have exciting plans to deliver across the Group and are confident of continuing to make further progress in the coming year“.