Final Results

Barr(A.G.) PLC
26 March 2003

26 March 2003



                                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 brands, announces its preliminary results
today for the 12 months to 25 January 2003.


Key Points


•       Profit on ordinary activities before tax increased by 14% to £12.2
        million (2002 - £10.7 million).

•       Turnover increased 3% to £120 million (2002 - £116.3 million).

•       An increase in the final dividend of 10.5% to give a total dividend
        for the year of 23.1p  an increase of 6.9 % over the previous year.

•       Irn-Bru litreage growth figures in England and Wales show a
        year-on-year increase of well over 16%.

•       Significant growth outside of the core carbonates business.  Growth
        over 30% in Findlays Natural Mineral Water and Simply Citrus brands.

•       Turnover for the first 8 weeks of the current year has been 4.5% up on
        the same period last year.



Commenting Robin Barr, the Executive Chairman, said:

'Although at the time this Statement is written, we face, in addition to the
ongoing commercial challenges, quite abnormal financial and political threats on
a worldwide scale, it is some comfort to reflect that our business is part of a
relatively stable food and drinks sector and we believe that our brands, handled
in an appropriate manner, will enable us to develop and prosper even in
uncertain times.'


For further information:


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

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





CHAIRMAN'S STATEMENT

Review of Results

Reflecting an excellent performance in the second six months, profit on ordinary
activities before taxation for the year to January 2003 was £12.2 million
compared with £10.7 million for the previous year - an increase of 14%.  We have
thus achieved a significant step in a recovery towards the record level of £13.9
million recorded for the year to January 2001.

Although competitive pressures in the market place continued unabated,
internally generated efficiencies allied to a more advantageous channel/product
mix enabled us during the second half of the year to achieve an improvement in
year-on-year margins despite only a modest increase in turnover.  This resulted
in a second half profit of £6.0 million compared with £5.0 million for the same
period last year.

For the full year to January 2003 turnover was £120.0 million, an increase of 3%
over the previous year.  The increase during the second six months was only 2%
which reflected both the lack of buoyancy in the soft drinks market generally on
account of the awful summer weather during 2002 and also the earlier timing
compared with 2001/02 of the major promotional activity for our Irn-Bru brand in
England and Wales which had moved some sales into the first half of the year.

Earnings per share on issued share capital were 43.78p compared with 38.47p for
the previous year.  Your Directors are pleased to be able to recognise both this
improvement and the satisfactory cash position shown in our Balance Sheet by
recommending an increase in the final dividend to 15.75p per share to give a
total dividend for the year of 23.10p.  This would represent an increase of 10
1/2% in the final dividend and just under 7% in the total dividend compared with
the amounts paid last year.

Defined Benefit Pension Schemes

Shareholders will be well aware that the recent sustained fall in worldwide
stock exchange values has led to funding problems for defined benefit schemes.
Our own schemes are similarly affected by this problem although we have limited
our ongoing exposure by closing our staff pension scheme to new entrants in
March 2002 and substituting a revised money purchase scheme for both staff and
works employees.  We currently await the triennial actuarial valuation for our
defined benefit schemes which is being conducted by our Pension Advisers as at
1st November 2002 and, since it is likely that these schemes will show a
substantial underfunding, your Board has felt it prudent to make a provision in
the Accounts to January 2003 of an additional pension charge of £0.25 million to
reflect the first three months subsequent to the valuation date.  We will of
course thoroughly review the situation when the valuation has been completed.
Shareholders should note that triennial valuations are the basis on which the
actual contributions which a company must make over the years to fund the
pension promises are assessed.  This differs from the calculations demanded by
FRS17 which are again shown in this year's Accounts but which I criticised, on
their introduction last year, as being potentially misleading.

Performance Related Bonus Scheme

We have recently completed, in conjunction with external Consultants, a review
into current best practice in respect of incentives for directors and senior
managers.  This has resulted in the Remuneration Committee proposing and the
Board agreeing that it is now appropriate to discontinue the existing
Performance Related Share Scheme which was introduced in 1997 and to replace it
with a new incentive plan.  Details of this plan are contained in the attached
letter and the two resolutions which would implement it will be proposed as
special business at the forthcoming Annual General Meeting.

Personnel

Roger White joined the Company as Managing Director in September 2002 after a
total of fifteen year's service with Rank Hovis McDougall Ltd and his
considerable experience in the grocery sector has enabled him to settle quickly
into his new position and to make an early contribution to our future plans.  I
am pleased to recommend that his appointment be confirmed at the Annual General
Meeting.

I am also pleased to again have the opportunity to thank, on behalf of
shareholders, each employee for their individual skills and effort which taken
altogether have contributed to the improving performance which we have achieved
over the last twelve months.


Trading Outlook

Turnover for the first eight weeks of the new financial year has been 41/2% up
on the same period last year - a positive start during what is of course a time
of seasonally low demand.  The market place has recently seen a modest uplift in
prices which we are following but that benefit will be impacted both by the
increase in the price of sugar in the UK on account of the recent fall in the
value of the £ sterling against the Euro as well as the extra costs which we
face in respect of our pension schemes to which I referred earlier.  In addition
we face higher NHI contributions from April 6th and general insurance premiums
have also increased substantially in some categories.

The fall in the value of the £ sterling, while harmful to our sugar costs,
should if sustained lead to a reduction in the recent levels of soft drinks
imported into the UK and consequently a more stable market place.

Although at the time this Statement is written we face, in addition to the
ongoing commercial challenges, quite abnormal financial and political threats on
a worldwide scale, it is some comfort to reflect that our business is part of a
relatively stable food and drinks sector and we believe that our brands, handled
in an appropriate manner, will enable us to develop and prosper even in
uncertain times.




Robin Barr
Chairman
26 March 2003



MANAGING DIRECTOR'S STATEMENT

Simplicity and focus remain the key attributes of A.G. Barr's continuing
success.

Business performance in 2002/03 has improved. We continue to follow our growth
based strategy which is focused on a core group of differentiated and well
supported brands.


Sales volume increased by 6%

Profit increased by 14%

Our Purpose

A.G. Barr is simply about soft drinks.

Providing consumers with a choice of exciting, enjoyable and truly
differentiated brands across the complete soft drinks category is our purpose.

We deliver this each and every day to thousands of outlets treating each
customer as an individual and aiming to differentiate through our service as
well as our brands.

Our Market Place

The soft drinks category is as vibrant and exciting as ever.  Competition is
intense and only the best will survive.  A.G. Barr continues to punch well above
its weight.

The total soft drinks market grew in volume by 3% in the year to Jan '03.  This
figure includes the carbonates sector which has significantly slowed its growth
from 3% in the year to Jan '02 to only 0.4% growth in the last 12 months.  A.G.
Barr's growth, however, does break this trend with our carbonates business
growing at over 4% outstripping both total soft drinks and growing at ten times
the market rate of carbonates.

Outside our core carbonates business we have experienced significant growth. In
both bottled water and fruit based drinks through Findlays Natural Mineral Water
and Simply Citrus brands, growth was well over 30% in the year.

Our brand Irn-Bru continues to go from strength to strength. Sales have grown in
both standard and diet variants and across all pack sizes, from impulse cans to
4 x 2 litre take home packs.  Litreage sales have increased in our high
penetration traditional core territory where we are also extremely proud that
Irn-Bru has retained the accolade of No. 1. Scottish Grocery Brand continuing to
defeat all comers across all categories to be the nation's favourite.

The execution of our Irn-Bru plans across England and Wales has driven both
growth and brand awareness.  Last year's diverse mix of marketing activity has
recruited and, importantly, retained large numbers of new Irn-Bru consumers
outside our traditional areas of strength.  Irn-Bru litreage growth figures in
England and Wales show a year-on-year increase of well over 16% and key
marketing measures of household penetration and brand awareness levels continue
to rise.

Irn-Bru is still the largest single flavoured brand (excluding Colas) in the UK,
and in the last year has increased its lead over its nearest rival.

The investment and activity behind the growth plans for Irn-Bru across all trade
channels and territories will continue to dominate our focus throughout the
business in 2003/04.

Excellent growth in the UK has been mirrored by our first successful year in
conjunction with our partners Pepsi Bottling Group in Russia.  Irn-Bru has now
captured almost of 1% of the huge Russian market, an exceptional performance and
a strong basis for future growth in this and other export markets.


Our Partners

Lipton Ice Tea featured strongly in our impulse programme for 2002/03.  The
partnership between A.G. Barr and Unilever Bestfoods to introduce Lipton Ice Tea
to the UK consumer has commenced on a solid basis.  The strength of our route to
market and our executional focus has made Lipton Ice Tea an exciting newcomer to
the impulse trade.  The continuing support programmes of both partners in this
relationship will make Lipton Ice Tea a key growth feature of our portfolio in
the years to come.

Pernod Ricard, our franchise partner for the Orangina range in the UK, awarded
A.G. Barr the Gold Bottling trophy 2002 for excellent sales growth and for the
successful introduction of the Orangina Rouge product in the UK.  We are
delighted to see Orangina again performing well in its market segment with sales
growth of over 7% in 2002/03.

Investing For The Future

Investing in our people has always been a core strength of A.G. Barr and I am
pleased to report, as one of the newest recruits, that people really do come
first in our business. The enthusiasm, experience and commitment of the teams
across the whole company remains beyond question and, when that is harnessed
with training and strong business processes, we are fit to meet the challenges
of the future.

Investment in improved efficiency across our manufacturing base and the supply
chain has also continued at a pace throughout the past year.  This investment
has insured we can improve not only our efficiency but also our ability to
deliver improved customer and consumer solutions.  The development of multi-pack
technology, in-store display pallet merchandising and outstanding on-pack
branding opportunities through improved printed film technology are only a
sample of our continuing ambition to meet and exceed consumer and customer
expectations.

Innovation

The soft drinks market has been awash with product extensions and new product
ideas in the past 12 months.  Whilst some have proved extremely successful, many
have fallen by the wayside.  Much of our success has been through innovation,
not only in products, but also in innovative communication and in-store
execution.  The growth of Findlays Natural Mineral Water, Simply Citrus and
Simply Clear along with many successes in new packaging formats with our
established brands have driven incremental new sales across all trade channels.

Delivering Our Promises - The Future

We have a solid asset base and a growing consumer penetration from our key
brands.  Our portfolio is diverse and truly different.  We are learning more and
more about our consumers.

We have commenced a programme of rigorous review to include all our core
business processes and procedures and this will be followed by the development
of plans to increase the effective execution of our simple strategy.

We will continue to deliver growth by developing brands that consumers love,
products and services that customers need and will thereby deliver sustainable
financial returns to all our shareholders and stakeholders.  The coming year
will see our longer-term strategic goals develop further, based on our improved
consumer insights and sound business plans. At all times this will be
accompanied by increased focus on excellent day-to-day execution.

Our business operates in a highly dynamic and competitive sector but we are
confident that our strategy - focused on providing consumers a choice of
differentiated, well supported and exciting brands - will continue to deliver
for us.




Roger White
Managing Director
26 March 2003




A.G. BARR p.l.c.
and its Subsidiary Companies

Consolidated profit and loss account
for the year ended 25 January, 2003


The following are the unaudited results for the 12 months to 25 January, 2003.
The Board recommends the payment of a final dividend of 15.75p per share which
if approved by the shareholders will be posted on 4 June, 2003. The total
distribution proposed for the year amounts to 23.10p per share (2002 - 21.6p)


                                                                              Year ended         Year ended
                                                                                25.01.03           26.01.02
                                                                                    £000               £000

Turnover                                                                         120,005            116,261


Profit on ordinary activities before interest                                     11,873             10,487
Interest received                                                                    340                253
Profit on ordinary activities before taxation                                     12,213             10,740
Tax on profit on ordinary activities                                               3,693              3,254
Profit on ordinary activities after taxation                                       8,520              7,486


Consolidated Statement of Total Recognised Gains and Losses
Profit as above                                                                    8,520              7,486
Adjustment for prior periods - FRS 19 deferred taxation (see note)                     -            (3,293)
Total gains and losses recognised since last annual report                         8,520              4,193

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                                         43.78 p        38.47 p
Basic earnings per share                                                           45.36 p        39.90 p
Fully diluted earnings per share                                                   43.20 p        37.97 p
Dividend per share                                                                 23.10 p        21.60 p
Dividend (£000)                                                                    4,496          4,202

         Record date:                 02 May, 2003
         Ex-div date  :               30 April, 2003



The financial information set out in this announcement does not constitute
statutory accounts.  The financial information for the year ended 26 January
2002 is derived from the statutory accounts for that year which have been
delivered to the Registrar of Companies.  The auditors have reported on those
accounts and their report was unqualified and did not contain a statement under
S237 Companies Act 1985.



Balance Sheets
as at 25 January, 2003
                                                                     GROUP                        COMPANY

                                                                2003          2002         2003            2002
                                                                £000          £000         £000            £000

Fixed assets
Tangible assets                                               42,255        42,580       41,685          41,971
Investment in subsidiaries and associated undertakings             -             -          205             205
                                                              42,255        42,580       41,890          42,176

Current assets
Stocks                                                        12,185        11,536       12,093          11,437
Debtors                                                       20,269        21,078       19,972          20,818
Investment                                                     3,092         2,623        3,092           2,623
Cash at bank                                                  15,545         8,265       15,432           8,265
                                                              51,091        43,502       50,589          43,143
Creditors: Due within one year                                27,282        24,113       27,435          24,259
Net current assets                                            23,809        19,389       23,154          18,884

Total assets less current liabilities                         66,064        61,969       65,044          61,060


Provisions for liabilities and charges
Deferred credit                                                  636           645          636             645
Deferred taxation                                              5,011         4,931        5,011           4,930
                                                               5,647         5,576        5,647           5,575

                                                              60,417        56,393       59,397          55,485


Capital and reserves
Called up share capital                                        4,865         4,865        4,865           4,865
Share premium account                                            905           905          905             905
Profit and loss account                                       54,647        50,623       53,627          49,715
                                                              60,417        56,393       59,397          55,485



Cash Flow Statement
For the year ended 25 January, 2003
                                                                 2003                             2002
                                                         £000            £000            £000             £000


Net cash inflow from operating activities                              19,737                           12,989

Returns on investments and servicing of finance
Interest received                                         352                             268
Interest paid                                            (12)                            (11)
Interest element of hire purchase paid                      -                             (4)
Net cash inflow from returns on investments and
servicing of finance                                                      340                              253

Taxation
Corporation tax paid                                                  (3,349)                          (4,181)

Capital expenditure and financial investment
Purchase of tangible fixed assets                     (5,411)                         (7,750)
Sale of tangible fixed assets                             328                             258
                                                                      (5,083)                          (7,492)
Acquisitions and disposals
Investment in subsidiary                                    -                           (105)
Net overdraft acquired with subsidiary                      -                            (90)
                                                                            -                            (195)
                                                                       11,645                            1,374
Dividends paid                                                        (4,204)                          (4,200)
                                                                        7,441                          (2,826)
Financing
Issue of share capital                                      -                              50
Capital element of hire purchase repaid                     -                           (304)
Loans repaid                                                -                            (30)
                                                                            -                            (284)
Increase / (decrease ) in cash                                          7,441                          (3,110)






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