Scottish soft-drink manufacturer AG Barr today reported "strong" trading in its latest financial year, at a level even better than before CV19 struck.
The Cumbernauld company, which is best known for Irn-Bru, said that revenue for the year to the end of January is expected to be around £267million - a 17.5% increase compared to the previous year.
This revenue figure is marginally ahead of the revised guidance issued in November 2021 - and exceeds the pre-pandemic revenue performance of £255.7million in 2019-20.
Profits before tax and exceptional items are also expected to be marginally ahead of the November guidance which was for a figure around £41million.
AG Barr added in its trading update: "This strong trading performance was achieved despite the unexpected and increased UK Government restrictions related to the Omicron Covid variant, and further emphasises the quality and resilience of our brands, business model and people."
The company also said inflationary pressures highlighted in November had materialised as expected, particularly across packaging and energy-linked commodities.
It went on: "We have initiated several cost-control actions to reduce the impact of these rising costs, and have adjusted our pricing with customers where appropriate."
Chief executive Roger White commented: "We are delighted with both the resilience our business has demonstrated and the growth we have delivered.
"We have delivered an excellent financial performance against a volatile backdrop, whilst at the same time delivering on our strategic priorities."
FTSE 100
The FTSE 100 was just over 50 points ahead first thing this morning at 7,515. The top UK index finished Monday almost flat on the day at 7,464.
Meanwhile, the March contract price of a barrel of Brent crude was up fractionally at $89.34.
Companies reporting today
- Interims: Joules
- Trading updates: AG Barr, Virgin Money
Other updates
- Nationwide Building Society releases house price study
- Kantar latest supermarket sales and market share data
- IHS Markit/CIPS UK manufacturing PMI survey
- ONS: Analysis on energy prices and their effect on households
- Bank of England money and credit report
- Business Committee to question Competition and Markets Authority and Ofcom bosses