26th Sep 2023 09:33
(Alliance News) - AG Barr PLC on Tuesday said profit rose in its first half period from a year earlier alongside revenue, boosting its dividend payout to shareholders.
The Cumbernauld, Scotland-based drinks manufacturer, with brands including Irn-Bru, Rubicon, Funkin and Boost, reported a pretax profit of GBP27.8 million in the six months ended July 30, up from GBP24.7 million the previous year.
This was despite its cost of sales jumping 48% year-on-year to GBP131.0 million.
Revenue in the half climbed 33% to GBP210.4 million from GBP157.9 million, supported by the contribution of the Boost Drinks business which was acquired by the firm in December.
AG Barr also declared a raised interim dividend of 2.65 pence per share from 2.50p a year earlier.
"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," said Chief Executive Officer Roger White.
Looking ahead, AG Barr said it had made "significant" financial and strategic progress in line with its long-term revenue and profit growth ambitions, amid "a year of investment" across the business.
"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," the company said.
Shares in AG Barr were up 2.1% to 494.93 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News reporter
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