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Positive First Half Performance by AG Barr

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Positive First Half Performance by AG Barr

Positive First Half Performance by AG Barr
September 29
10:30 2010

British soft drinks group AG Barr has increased turnover by 13.9% to £119.2m in the first half ended July 31st last, as its core brands Irn-Bru, Rubicon and Barr all performed significantly ahead of the total soft drinks market. Profit before tax, excluding exceptional items, increased by 18.8% to £16.0m.

The UK soft drinks market grew by 7% in value terms and 3% in volume terms during the period, benefiting from good weather in the early summer months. Carbonated drinks increased volume by 2% and still drinks grew volume by 4%.

Roger White, chief executive of AG Barr.

AG Barr’s operating margins were resilient in the period. A combination of operational gearing due to strong volume performance and continued strong cost control underpinned margins. However, the volatility of raw material costs has become increasingly challenging.

“We are delighted to have built on last year’s strong overall performance with a very positive start to the 2010/11 financial year. We have achieved sales growth well in advance of the market for our core brands and during the period have further increased our marketing investment,” say Roger White, chief executive of AG Barr. “We are up against tougher comparatives in the second half of the year but, while we remain cautious regarding the overall economic and consumer outlook, we believe we are well positioned to meet our expectations for the full year.”

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