Final Results

Barr(A.G.) PLC
27 March 2002


27 March 2002

                                A.G. BARR p.l.c.

                              PRELIMINARY RESULTS


A.G. Barr p.l.c., the Scottish based manufacturer of soft drinks including the
popular Irn-Bru, Tizer and Orangina, announces its preliminary results for the
year ended 26 January 2002.


Key Points


•   Turnover up 4% to £116.3 million (2001 - £111.9 million).

•   Profit before tax was £10.7 million (2001 - £13.9 million).

•   Final dividend unchanged at 14.25p, total for the year 21.60p (2001-21.60p).

•   Very encouraging year for Irn-Bru with a 9% overall litreage increase,
    (6% from Scotland and 22% in England and Wales) against an overall litreage
    increase of 3% for the total carbonated U.K. soft drinks market.

•   Findlays Ltd became a wholly owned subsidiary in December 2001.  The
    development of Findlays Spring Natural Mineral Water is an exciting prospect 
    in a segment of the market which should continue to achieve above average 
    growth.


Commenting Robin Barr, Executive Chairman, said: 'The UK soft drinks marketplace
continues to be highly competitive.  We believe that long-term success for our
company will come from a focus on a limited number of differentiated and well
supported brands and we intend to pursue that goal.'


For further information:

A.G. Barr:
Robin Barr, Chairman or
Iain Greenock, Finance Director                      Tel: [phone]

Buchanan Communications:
Tim Thompson/Nicola Cronk                            Tel: [phone]



CHAIRMAN'S STATEMENT


Review of Results

Profit on ordinary activities before taxation for the year to January 2002 was
£10.7 million compared with £13.9 million for the previous year - a reduction of
£3.2 million or 23%.  The shortfall in profit of £2.0 million during the first
half of the year was reduced to £1.2 million in the second six months, but this
in fact represented only a modest improvement in our trading performance since
second half profits were not affected by the special factors of the first six
months.

As forecast in my half year Statement margins continued during the second six
months to be lower on a year-to-year comparison due to highly competitive
pricing and promotional activity within the grocery market place.  In part this
reflects the fact that the continuing high value of the £ sterling against the
Euro does nothing to curtail the flow of 'grey imports' into the UK of the major
brands of our competitors.

Turnover for the year to January 2002 was £116.3 million, an increase of 4% over
the previous year.  Turnover had been up by just over 2% at the half way stage
but the second six months achieved a better performance with an increase of over
6%.  In part this reflected some hot weather in England in the late summer of
2001 but it was also a measure of the success of our marketing activities for
our brands - particularly south of the border.

Although the year to January 2002 was disappointing in terms of the year-on-year
profit shortfall and a relatively modest advance in £ turnover, it was a very
encouraging year in respect of the growth of our main brand Irn-Bru.  Against an
overall litreage increase of 3% recorded by A C Neilsen ScanTrack for total
carbonated Soft Drinks within Grocery, we achieved an increase for Irn-Bru of 9%
overall with litreage up 6% in Scotland and no less than 22% in England and
Wales where our development strategy was well received by consumers.  We were
obviously pleased that standard Irn-Bru was again recorded as the number one
grocery brand north of the border in a survey conducted by The Scottish Grocer.

Of our other main brands Tizer had an excellent year - particularly in multiple
grocers - while Orangina, for which we hold the franchise in Great Britain,
showed a modest decline reflecting the uncertainty throughout the year of the
future ownership of the brand.  During the year we commenced limited
distribution of the Lipton Ice Tea brand under licence from Unilever and this
has now been expanded to a full coverage of mainland UK in the small shop and
wholesale distribution segments.  We are confident that the brand will prove to
be a valuable addition to our portfolio in the years ahead.

In December 2001 we purchased the 60% of the shares in Findlays Ltd which we did
not own and that company thereby became a wholly owned subsidiary.  Our original
investment was made in 1996 and, since that time, we have distributed Findlays
Spring Natural Mineral Water into grocery outlets - concentrating initially on
the small shop trade - and we have also entered the 19 litre Water Cooler market
in Scotland.  We can now look forward to accelerating our development of
Findlays Spring in a segment of the market, which should continue to achieve
above average growth.

Earnings per share on issued share capital were 38.47p compared with 50.17p for
the previous year.  Despite this reduction, your Directors feel sufficient
confidence in current trading to recommend the same total dividend as last year.
An unchanged final dividend of 14.25p per share is therefore proposed making a
total of 21.60p for the year to January 2002.

This year, for the first time, the company is required to indicate by way of
note in its Financial Accounts any pension scheme surplus or deficit that
existed at the year end in terms of the new financial reporting standard FRS 17.
The surplus or deficit is determined by comparing the market value of pension
scheme assets with the value of benefits earned by scheme members.  This will be
a snap shot calculation at each year end, the result of which will vary
significantly from year to year depending on market conditions at the date of
the calculation.  The deficit in our defined benefit pension schemes of £7.7m
shown at January 2002 reflects the fact that, in common with many other pension
schemes, the value of the assets held by our schemes has fallen over the past
two years.  This has been due in part to the increased taxation imposed by the
Chancellor of the Exchequer on the dividends of UK equities held by pension
schemes but is mainly due to the lower market value of equities in the economic
climate ruling at the end of January.  A surplus or deficit disclosed by the FRS
17 financial reporting standard is a reflection of the financial conditions
ruling at the company year end and is not necessarily an indication of the long
term funding position of the company's defined benefit pension schemes.


Personnel

It is with considerable regret that I have to confirm that Hugh McPherson, who
joined the company in early 1998, resigned as our Managing Director in November
2001.  Hugh had suffered a number of health problems in the previous twelve
months and it sadly became apparent that he would not be in a position to resume
his duties in the near future.  I am sure that you will wish to join me in
thanking Hugh for his service to the company and in hoping that he will quickly
return to better health.  The appropriate steps to fill this vacancy are
currently underway.

I am pleased to take this annual opportunity to thank, on your behalf, all
employees of the company for the efforts which they have contributed during what
proved to be a particularly challenging year in the soft drinks marketplace.


Trading Outlook

Turnover for the first eight weeks of the new financial year has been 6% up on
the same period last year.  This year's turnover has been augmented as a result
of early promotional activity for Irn-Bru but nevertheless it is still a
reasonably encouraging start to the year.

Pricing in the marketplace continues to be soft but at the present time the
year-on-year cost of production has stabilised with a modest reduction in
packaging costs balancing a small rise in the price of sugar.

In December 2001 we signed a five year extension to our existing Agreement with
Pernod Ricard for the brand Orangina whereby the franchise period now runs to
the end of 2007.  This will bring a very welcome stability to our joint plans
for the development of the brand after such a long period of uncertainty in
relation to its future ownership and we look forward to an improving brand
performance in the current year.

I am pleased to confirm that, with effect from 1 February 2002, the franchise
for our brand Irn-Bru in Russia was awarded to an operating company of the Pepsi
Bottling Group and we can therefore anticipate our brand's position being fully
exploited in the marketplace as a result of the strength of PBG's distribution
system.  Pepsi Bottling Group is the largest franchise bottler for PepsiCo Inc.
and has extensive operations in the USA and Europe.

The UK soft drinks marketplace continues to be highly competitive and with a
changing mix of products matching on-going shifts in consumer demands.  As
indicated above some of the competition is coming from outwith the UK as a
consequence of the present high value of the £ sterling.  We continue to believe
that long-term success for our company will come from a focus on a limited
number of differentiated and well supported brands and we intend to pursue that
goal.


A.G. BARR p.l.c.

and its Subsidiary Companies

Consolidated profit and loss account

for the year ended 26 January, 2002


The following are the unaudited results for the 12 months to 26 January, 2002.
The Board recommends the payment of a final dividend of 14.25p per share which
if approved by the shareholders will be posted on 5 June, 2002. The total
distribution proposed for the year amounts to 21.6p per share (2001 - 21.6p)

                                                                           Year ended       Year ended
                                                                             26.01.02         27.01.01
                                                                                 £000             £000
                                                                                           As restated *

Turnover                                                                      116,261          111,878


Profit on ordinary activities before interest                                  10,487           13,697

Interest received                                                                 253              225
Profit on ordinary activities before taxation                                  10,740           13,922

Tax on profit on ordinary activities                                            3,254            4,159
Profit on ordinary activities after taxation                                    7,486            9,763

* Restated as required for FRS 19 - deferred taxation
Consolidated Statement of Total Recognised Gains and Losses

Profit as above                                                                 7,486            9,763
Adjustment for prior periods - FRS 19 deferred taxation (see note)            (3,293)                -
Total gains and losses recognised since last annual report                      4,193            9,763
Note

FRS 19 (Deferred tax) requires full provision to be made for deferred tax assets
and liabilities arising from timing differences between the recognition of gains
and losses in the financial statements and their recognition for tax purposes. 
Previously, under the now superseded SSAP 15, provision was only required in
respect of those timing differences which were expected to reverse in the
foreseeable future without being replaced.


Earnings per share on issued share capital       38.47 p          50.17 P

Basic earnings per share                         39.90 p          51.86 P

Fully diluted earnings per share                 37.97 p          50.40 p

Dividend per share                               21.60 p          21.60 p

Dividend (£000)                                  4,202            4,200


         Record date:       03 May, 2002

         Ex-div date  :     01 May, 2002


A.G. BARR p.l.c.

and its Subsidiary Companies

Balance Sheets

as at 26 January, 2002


                                                                   GROUP                       COMPANY
                                                                2002          2001         2002            2001
                                                                £000          £000         £000            £000
                                                                               *As                          *As
                                                                          restated                     restated
Fixed assets
Tangible assets                                               42,580        39,102       41,971          38,757
Investment in subsidiaries and associated undertakings             -           100          205             100
                                                              42,580        39,202       42,176          38,857


Current assets

Stocks                                                        11,536        10,800       11,437          10,782
Debtors                                                       21,078        19,834       20,818          19,872
Investment                                                     2,623         2,499        2,623           2,499
Cash at bank                                                   8,265        11,199        8,265          11,177
                                                              43,502        44,332       43,143          44,330

Creditors: Due within one year                                24,113        25,064       24,259          25,504
Net current assets                                            19,389        19,268       18,884          18,826

Total assets less current liabilities                         61,969        58,470       61,060          57,683


Provisions for liabilities and charges

Deferred credit                                                  645           667          645             667
Deferred taxation                                              4,931         4,744        4,930           4,737
                                                               5,576         5,411        5,575           5,404


                                                              56,393        53,059       55,485          52,279
Capital and reserves

Called up share capital                                        4,865         4,861        4,865           4,861
Share premium reserve                                            905           859          905             859
Profit and loss account                                       50,623        47,339       49,715          46,559
                                                              56,393        53,059       55,485          52,279

* Restated as required for FRS 19 - deferred taxation


A.G. BARR p.l.c.

and its Subsidiary Companies

Cash Flow Statement

For the year ended 26 January, 2002
                                                                2002                            2001
                                                         £000          £000            £000              £000


Net cash inflow from operating activities                            12,989                            16,932


Returns on investments and servicing of finance
Interest received                                         268                           311
Interest paid                                            (11)                           (9)
Interest element of hire purchase paid                    (4)                          (77)
Net cash inflow from returns on investments and
servicing of finance                                                    253                               225
                                                                        

Taxation

Corporation tax paid                                                (4,181)                           (3,821)


Capital expenditure and financial investment
Purchase of tangible fixed assets                     (7,750)                       (7,115)
Sale of tangible fixed assets                             258                           188
                                                                    (7,492)                           (6,927)
Acquisitions and disposals

Investment in subsidiary                                (105)                             -
Net overdraft acquired with subsidiary                   (90)                             -
                                                                      (195)                                 -
                                                                      1,374                             6,409
Dividends paid                                                      (4,200)                           (3,811)

                                                                    (2,826)                             2,598
Financing
Issue of share capital                                     50                             -
Capital element of hire purchase repaid                 (304)                       (1,152)
Loans repaid                                             (30)                             -
                                                                      (284)                           (1,152)
(Decrease ) / increase in cash                                      (3,110)                             1,446




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