Interim Results

Barr(A.G.) PLC
24 September 2003


                               24 September 2003

                                A.G.BARR p.l.c.

                                INTERIM 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 interim results today
for the 6 months ended 26 July 2003.


Key Points



•         Profit on ordinary activities before tax increased by 16% to £7. 2
          million (2002: £6.2 million).


•         Turnover increased 6% to £65. 9 million (2002: £62.2 million).


•         Interim dividend of 8.50p per share in respect of the year to January
          2004 (2002: 7.35p)


•         A further double digit increase in litreage achieved on Irn-Bru in
          England and Wales.  The brand also achieved a satisfactory volume
          increase in Scotland.


•         Better weather has proved most significant to our citrus based and
          non-carbonate portfolio,  sales of Orangina, Lipton Ice Tea, Simply
          Citrus and Findlays Natural Mineral Water have all responded 
          exceptionally to peak temperatures.



Commenting Robin Barr, the Executive Chairman, said:

'This excellent result reflects a continuation of the improvement achieved
during the last full year to January 2003 and was boosted by the very favourable
weather conditions this summer with a consequential increase in sales volumes.

'We are in a market segment where demand has been buoyant this year and is
forecast to continue to rise long term. Although competition is aggressive, we
believe our business is well placed to drive forward our unique portfolio of
branded products and thereby achieve future success.'



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]




A.G.BARR p.l.c.
Chairman's Statement

Profit on ordinary activities before taxation for the 6 months to 26 July, 2003
was £7.2 million compared with £6.2 million for the same period last year - an
increase of 16%.

This excellent result reflects a continuation of the improvement achieved during
the last full year to January 2003 and was boosted by the very favourable
weather conditions this summer with a consequential increase in sales volumes.
Our overall margins have improved, benefiting from both customer and product mix
movements and modest gains in pricing which offset higher sugar costs.

Turnover for the six months to July 2003 was £65.9 million an overall increase
of 6% which was achieved despite a drop in contract packing volumes. Our planned
promotional campaigns in respect of our Irn-Bru brand in England and Wales have
again been weighted towards the first half of the year and enabled us to record
a further double digit increase in litreage south of the border compared with
the same period last year. Irn-Bru also achieved a satisfactory volume increase
in Scotland. The much better weather has naturally proved of most significance
to our citrus based and non-carbonate portfolio where sales of Orangina, Lipton
Ice Tea, Simply Citrus and Findlays Water have all responded exceptionally to
peak temperatures.

Reflecting the improved results of the current half year and, in order to reduce
the imbalance which has grown over the last three years between the interim and
final dividends, your directors have declared an interim dividend of 8.5p per
share, payable on 24 October, 2003, in respect of the year to January 2004. This
compares with the dividend of 7.35p per share which was paid at the same time
last year.

Our sales and marketing director, Jim Dawson, left our employment after twenty
one years service and we thank him for his contribution to the company. The cost
of his termination payments has been reflected in these accounts. The
recruitment process in respect of a replacement is currently nearing completion.
In June Ronnie Hanna joined the board as a non-executive director. He was, until
recently, chief executive of Bett p.l.c. and I am confident that he will make a
substantial contribution to our company's affairs. We will sadly lose the
services of John Goodwin as a non-executive director when his contract expires
at the end of November after 10 years on our board.

This year's fine summer weather continued into August and our sales volumes
remained at a high level albeit, on a year-on-year comparison, they came up
against the only sustained spell of high temperatures during 2002. Total
turnover for the first seven weeks of the second half of the year has been 2% up
compared with the same period last year.

Our costs during the second half of the year are likely to mirror our first half
experience and our focus will be to maintain margins against a backdrop of
intense market place competition and particularly during the important festive
season.

We are in a market segment where demand has been buoyant this year and is
forecast to continue to rise long term. Although competition is aggressive, we
believe our business is well placed to drive forward our unique portfolio of
branded products and thereby achieve future success.




Robin Barr, Chairman                                  24 September, 2003




A.G.BARR p.l.c.
Consolidated Profit and Loss Account     
                                                             6 months        6 months              Year
                                                                ended           ended             ended
                                                             26.07.03        27.07.02          25.01.03   
                                                                 £000            £000              £000

Turnover (note 2)                                              65,885          62,216           120,005

Operating profit                                                6,922            6,038          11,873

Interest                                                          259              137             340

Profit on ordinary activities before taxation                   7,181            6,175          12,213

Taxation (note 3)                                               2,247            1,817           3,693

Profit on ordinary activities after taxation                    4,934            4,358           8,520


No separate Statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the Consolidated Profit and
Loss Account.



Earnings per share on issued share capital (note 4)            25.35 p          22.39 p        43.78 p

Basic earnings per share                                       26.41 p          23.21 p        45.36  p

Fully diluted earnings per share                               24.95 p          21.98 p        43.20  p

Dividend per share                                              8.50 p           7.35 p        23.10  p

Dividend (£000)                                                1,654            1,430          4,496


Record date:                                      3 October, 2003
Ex-div date:                                      1 October, 2003
Payment date of dividend:                        24 October, 2003





A.G.BARR p.l.c.
Consolidated Balance Sheet

                                                      As at           As at          As at
                                                   26.07.03        27.07.02       25.01.03
                                                       £000            £000           £000
        Fixed assets
        Tangible assets (note 5)                     41,150          42,711         42,255

        Current assets
        Stocks                                       10,370          11,083         12,185
        Debtors                                      26,746          23,074         20,269
        Investment                                    2,742           2,609          3,092
        Cash at bank                                 18,168          10,013         15,545
                                                     58,026          46,779         51,091
        Creditors: Due within one year               29,981          24,607         27,282
        Net current assets                           28,045          22,172         23,809
        Total assets less current liabilities        69,195          64,883         66,064


        Provisions for liabilities and charges
        Deferred credit                                 632             640            636
        Deferred taxation                             4,866           4,922          5,011
                                                      5,498           5,562          5,647

                                                     63,697          59,321         60,417
        Capital and reserves
        Called up share capital                       4,865           4,865          4,865
        Share premium account                           905             905            905
        Profit and loss account                      57,927          53,551         54,647
                                                     63,697          59,321         60,417


A.G.BARR p.l.c.
Notes to the Consolidated Accounts



1.      Non-statutory accounts

These interim financial statements, which have been prepared on the basis of the
accounting policies set out in the company's 2003 published accounts, do not
constitute statutory accounts and are unaudited.  Comparative figures for the
year ended 25 January, 2003 have been extracted from the statutory accounts of
the company on which the auditors gave an unqualified report and which have been
filed with the Registrar of Companies.

A copy of this announcement is distributed to all registered shareholders of the
company and is available for members of the public upon application to the
Company Secretary at 1306 Gallowgate, Glasgow G31 4DS and on our corporate
website at www.agbarr.co.uk.

2.  Turnover

The figure for turnover includes exports of £418,000 (2002 - £380,000 ; Year
2003 - £560,000).

3.  Taxation

Corporation tax is provided at the anticipated rate of taxation for the group's
current financial period.

4.  Earnings per share

The calculation is based on the group profit after taxation and the numbers of
ordinary shares of 25p each in issue at 26 July, 2003.


5.   Movement in tangible fixed assets                       6 months        6 months             Year
                                                                ended           ended            ended
                                                             26.07.03        27.07.02         25.01.03
                                                                 £000            £000             £000


Beginning of period                                            42,255          42,580           42,580

Additions                                                       1,995           3,316            6,065

Disposals                                                       (129)           (227)            (371)

Depreciation                                                  (2,971)         (2,958)          (6,019)


End of period                                                  41,150          42,711           42,255






A.G.BARR p.l.c.
Consolidated Cash Flow Statement
                                                      6 months            6 months                 Year
                                                         ended               ended                ended
                                                      26.07.03            27.07.02             25.01.03
                                                          £000                £000                 £000

Net cash flow from operating activities (note 1)         9,062               8,407               19,737

Returns on investment and servicing of finance
Interest received                                          260                 142                  352
Interest paid                                              (1)                 (5)                 (12)
                                                           259                 137                  340

Taxation
Corporation tax paid                                   (1,853)             (1,304)              (3,349)


Capital expenditure and financial investment
Purchase of tangible fixed assets                      (1,936)             (2,733)              (5,411)
Sale of tangible fixed assets                              172                 191                  328
                                                       (1,764)             (2,542)              (5,083)


Dividends paid                                         (3,065)             (2,773)              (4,204)
Increase in cash                                         2,639               1,925                7,441


A.G.BARR p.l.c.
Notes to the Consolidated Cash Flow Statement


1.  Net cash inflow from operating         
    activities                                     6 months         6 months              Year                       
                                                      ended            ended             ended
                                                   26.07.03         27.07.02          25.01.03
                                                       £000             £000              £000

Operating profit                                      6,922            6,038            11,873
Depreciation                                          2,971            2,958             6,019
(Gain)/loss on sale of tangible assets                 (43)               36                44
Government grants written back                          (4)              (4)               (9)
Decrease/(increase) in stocks                         1,815              452             (649)
(Increase) in debtors                               (6,886)          (2,750)             (228)
Decrease/(increase) in investment                       350               14             (469)
Increase in creditors                                 3,803            1,662             3,147
Pension provision release                               134                1                 9
                                                      9,062            8,407            19,737


2.  Reconciliation of net cash flow to movement
in net funds

Increase in cash in the period                        2,639            1,925             7,441
Net funds at 25 January, 2003                        15,529            8,088             8,088
Net funds at 26 July, 2003                           18,168           10,013            15,529


3.   Analysis of changes in net funds                       At          Cash               At
                                                      25.01.03         Flows         26.07.03
                                                          £000          £000             £000

Cash in hand and at bank                                15,545         2,623           18,168
Overdrafts                                                (16)            16                -
Total                                                   15,529         2,639           18,168




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