23rd Mar 2020 10:45
(Alliance News) - AG Barr PLC said Monday it has delayed the publication of the results for the financial year that ended January 25, after the UK Financial Conduct Authority requested companies to delay publishing their statements.
Looking ahead, the FTSE 250 soft drinks group said its performance in its financial year was encouraging; however since then the Covid-19 pandemic has created an "unprecedented level of uncertainty" in the UK and beyond.
AG Barr said it has taken steps to ensure that its raw material availability and stockholding remains as a robust as possible, and it has not yet experienced any difficulties with supply as a result.
From a demand perspective however, AG Barr said the UK government's containment measures have creted significant challenges for the hospitality sector, which accounts for around 10% of AG Barr's business.
"While we have a strong balance sheet, we felt it was prudent to draw down our full GBP60 million revolving credit facilities as the Covid-19 situation evolved. In addition, we have now frozen all new capital projects and are reviewing all existing projects, as well as scaling back immediate marketing and commercial activity where sensible across the group. We are taking a prudent and vigilant approach to all working capital to minimise risk," AG Barr stated.
Shares in AG Barr were up 3.6% at 448.50 pence on Monday in London.
By Dayo Laniyan; [email protected]
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