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Interim Results

AG Barr hikes divi as revenues rise

26 September 2017 07:22

Soft drinks group AG Barr's total revenue grew by 8.8% to £136.6m inthe six months to 29 Jul with profit on ordinary activities before tax and exceptional items up 2.9% at £17.5m.

Pre-tax profit before tax was £19.4m (2016: £21.1m) including an exceptional credit of £1.9m.

Operating margin before exceptional items was 13.2% (2016: 13.9%) and the group reported free cash flow of £20.0m (2016: £19.6m) which resulted in a net cash position of £7.9m (2016: net debt (£6.6m)) at the period end.

The group has declared an interim dividend of 3.71p per share - an increase of 5% on the prior year.

Chief executive Roger White said: 'The strong sales momentum of the second half of last year has continued and has combined with significant progress from our innovation to deliver strong sales growth and market share gains in the period.

'While we maintain tight cost control across the business, we have increased investment in the support of our brands and innovation launches and expect to continue this across the full year.

'Our reformulation activities remain on track as we move into the final implementation stages of this initiative in what will be a busy second half. 'Although the soft drinks market has been impacted negatively in the short term by the mixed weather since late July, assuming market conditions across the balance of the year are reasonable, the Company remains on course to meet the Board's expectations for the full year.'

Story provided by StockMarketWire.com

Related Company: BAG

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