Interim Results

Barr(A.G.) PLC
25 September 2007


For immediate release                                         25 September 2007


                                A.G.BARR p.l.c.


                                INTERIM RESULTS


A.G.BARR p.l.c. the soft drinks group announces its interim results today for
the 6 months ended 28th July 2007.


Key Points


   • Profit on ordinary activities before tax and exceptional items increased
     by 8.0% to £10.13 million (2006 - £9.38 million).
   • Total turnover including Strathmore versus the comparable period was up
     7.9% at £77.9 million (2006 - £72.2 million).
   • Combined IRN-BRU and Diet IRN-BRU brands grew revenue by 2% and gained
     further market share in England.
   • Atherton factory closure completed.
   • Exclusive UK franchise agreement signed with Rockstar Inc energy drinks
     - the fastest growing significant energy drink in the US.
   • Interim dividend increased by 0.75p to 11.00p per share (2006 - 10.25p).



Commenting on the results Chief Executive, Roger White, said:


'Despite the extremely poor weather experienced across the UK in the period from
May to July, we have continued to deliver consistent sales growth and at the
same time maintained our strategy of investing behind our brands and further
developing our portfolio.

Operationally in the period we have commissioned our new can line at Cumbernauld
and delivered the closure of our Atherton site.

As well as rising input costs, there is huge competition for market share
however, given the changes we have already made and our plans for the balance of
the year, we anticipate meeting our expectations for the full year.'



For more information, please contact:


A.G.Barr Tel: [phone]         Buchanan Communications Tel: [phone]

Roger White, Chief Executive       Tim Thompson / Nicola Cronk / Susanna Gale

Iain Greenock, Finance Director




Interim Statement

Profit on ordinary activities before taxation for the six months to 28th July,
2007 was, excluding exceptional items, £10.1m - an increase of 8.0% compared
with the same period last year. Turnover increased by 7.9% to £77.9m including
Strathmore which we acquired in June 2006; underlying sales increased by 2.3% on
a like-for-like basis.


The total soft drinks market, although buoyant in our first quarter, has been
significantly impacted by the exceptionally wet weather experienced during May,
June and July. Over the full six months the U.K. soft drinks market as reported
by Nielsen grew by 1% in value but was 5% down in volume terms. This first half
market performance masks the comparative effect of the weather in the last three
months particularly in July when the market was 19% behind in value and 25%
behind in total soft drinks volume.


Combined sales revenue for IRN-BRU and Diet IRN-BRU was 2% up on last year.
However, IRN-BRU 32 was down on the same period last year as it suffered from
comparison with the exceptionally strong launch phase which saw significant
customer pipeline fill and consumer trial. IRN-BRU and Diet IRN-BRU have
performed particularly well in market share terms in the second quarter and
specifically in July demonstrating both the resilience of the brand to difficult
market conditions and our stated intent of increasing promotional focus on
IRN-BRU in the summer months.


During the course of the first six months we have refreshed the IRN-BRU
packaging design as well as running a number of new pieces of creative
advertising. In July we announced the exciting sponsorship deal with the
Scottish Football League which sees the creation of IRN-BRU League Divisions 1,
2 & 3 in Scotland and gives IRN-BRU and A.G.BARR an excellent opportunity to
work with the Scottish Football League, its Clubs and local communities across
Scotland.


The relaunch of 'new original' Tizer has continued to gather momentum with sales
value increasing by 3% despite poor weather. This increase in sales has been
achieved through a combination of regaining previously lost listings and a very
encouraging overall performance in the impulse channel.


The Strathmore brand has now been launched into the impulse channel and we have
recently commenced our first Strathmore brand advertising, including TV, posters
and PR. The impulse launch is progressing well; however the water category has
been hit hard by the poor weather across the last three months which has of
course impacted our performance. During the recent floods in the west of England
Strathmore was able to help the flood victims with significant donations of
bottled water.


As a consequence of our focus on the Strathmore brand and the increasingly
competitive nature of the water category we have chosen to scale back our
Findlays business. The production site at Pitcox will now focus on the filling
of 19 litre water containers for which demand continues to expand. A small
number of redundancies resulted from this decision.


Overall the development of our portfolio is continuing to plan. Orangina had a
strong performance in the period with revenue up by 23% and our regional brands
driven by specific activity with the 'BARR flavours range' also experienced good
growth.


We have once again adapted our school ranges to meet further legislative
changes. We expect the new St Clements range to do well in both schools and the
impulse channel in the second half of the year. The St Clements brand now
features new juice and smoothie products which are currently in the launch phase
in addition to the existing fruit-based products range.


Across the industry input costs continue to rise especially in commodity related
areas such as glass, plastic, aluminium and juices. Gross margins have been
protected in the period by a combination of cost control measures and the
increased use of risk management tools across a number of our more volatile
input price areas. We expect gross margins will be under further pressure in the
second half but anticipate our cost-cutting actions, in tandem with our current
purchasing position, should counteract much of this pressure during the current
year.


Last year saw very significant operational changes across the business and the
first six months of this year has seen no reduction in the pace of our change
programme. We have installed and commissioned our new high speed can line at
Cumbernauld and carried out a number of significant line improvements at the
Mansfield site. This activity has, although later than planned, allowed for the
closure of our Atherton factory. The last can was produced on 28th June, 2007
and our thanks go to everyone at that site who worked effectively and
efficiently until the closure. We are currently clearing and making good the
premises in advance of establishing the optimum marketing plan for the site.


The new warehouse operations at Cumbernauld continue to settle in and good
progress is being made across all fronts towards meeting our previously
indicated savings plans.


We are pleased to announce that A.G.BARR has signed an exclusive U.K. franchise
agreement with Rockstar Inc energy drinks. The Rockstar brand is in the top
three energy drink brands in the USA and we are working with them towards what
will be an exciting launch into the U.K. during the second half of our financial
year. The energy category continues to give good growth opportunities and
Rockstar with its unique image, brand and product proposition will sit well in
our existing portfolio.


Given the increase in underlying profit and the continued satisfactory financial
position of the company your directors have declared an interim dividend of
11.00p per share, payable on 26th October, 2007. This is a 7.3% increase on the
interim dividend paid last year.


Turnover to date, in the second half of the year has been impacted by the
continued poor weather but remains ahead of the prior year.


Market conditions across all channels in the soft drinks category are expected
to be hugely competitive as individual companies fight for market share. Despite
the pressure of rising input costs and assuming market conditions do not
markedly weaken we remain confident that, in the period, the changes we have
already made plus our ongoing plans should allow us to meet our expectations for
the full year.



W R G Barr         R A White

CHAIRMAN           CHIEF EXECUTIVE


A.G.BARR p.l.c

Consolidated Income Statement
                                        6 months   6 months       Year
                                           ended      ended      ended
                                        28.07.07   29.07.06   27.01.07
                                Notes       £000       £000       £000

Revenue                                   77,883     72,184    141,876
Cost of sales                             37,351     33,584     71,453
Gross profit                              40,532     38,600     70,423
Net operating expenses                    30,593     29,736     52,089
Operating profit before                    9,939      8,864     18,334
exceptional items

Exceptional items
Restructuring costs               4          107          -      5,076
Gain on disposal                               -      (819)    (2,315)

Exceptional items                            107      (819)      2,761

Operating profit                           9,832      9,683     15,573

Finance income                               435        669      1,158
Finance costs                              (241)      (154)      (377)
Profit on ordinary activities             10,026     10,198     16,354
before tax
Tax on profit on ordinary         5        2,594      3,059      3,163
activities
Profit attributable to equity              7,432      7,139     13,191
shareholders

Basic earnings per share                   39.22 p    37.70 p    69.65 p
Fully diluted earnings per                 38.53 p    36.68 p    68.15 p
share

Dividend per share paid                    24.75 p    22.00 p    32.25 p
Dividend paid (£'000)                      4,673      4,143      6,077
Dividend per share proposed                11.00 p    10.25 p    24.75 p
Dividend proposed (£'000)                  2,141      1,995      4,817




A.G.BARR p.l.c.
Consolidated Statement of Recognised Income and Expense

                                                        Restated
                                          6 months      6 months        Year
                                             ended         ended       ended
                                          28.07.07      29.07.06    27.01.07
                                 Notes        £000          £000        £000
Actuarial loss recognised on                     -             -       (907)
defined benefit pension plans
Deferred tax recognised directly    2,5        334           210         366
in equity
Net income recognised directly                 334           210       (541)
in equity
Profit for the period                        7,432         7,139      13,191

Total recognised income and                  7,766         7,349      12,650
expense for the period

Attributable to equity                       7,766         7,349      12,650
shareholders



A.G.BARR p.l.c.

Consolidated Balance Sheet
                                                  Restated
                                         As at       As at       As at
                                      28.07.07    29.07.06    27.01.07
                             Notes        £000        £000        £000

Non-current assets
Intangible assets                6      10,368       9,951       9,742
Property, plant and              7      55,202      46,373      52,278
equipment
Deferred tax assets                        774         657         699
                                        66,344      56,981      62,719

Current assets
Inventories                             13,236       9,521      11,409
Trade and other receivables             32,804      34,912      25,406
Cash at bank                            12,963      23,079      19,097
                                        59,003      67,512      55,912

Total assets                           125,347     124,493     118,631

Current liabilities
Trade and other payables                33,304      37,146      28,776
Provisions                       8         788           -       2,262
Current tax                              1,739       2,912          59
                                        35,831      40,058      31,097

Non-current liabilities
Deferred income                             73          74          73
Retirement benefit               9      15,240      16,025      16,084
obligations
                                        15,313      16,099      16,157

Capital and reserves
attributable to equity
shareholders
Called up share capital         10       4,865       4,865       4,865
Share premium account           10         905         905         905
Own shares held                 10     (4,391)     (3,976)     (4,439)
Share options reserve           10       1,921       1,645       1,923
Retained earnings               10      70,903      64,897      68,123
                                        74,203      68,336      71,377
Total equity and liabilities           125,347     124,493     118,631



A.G.BARR p.l.c.

Consolidated Cash Flow Statement
                                    6 months    6 months        Year
                                       ended       ended       ended

                                    28.07.07    29.07.06    27.01.07
                                        £000        £000        £000

Operating activities
Profit on ordinary activities         10,026      10,198      16,354
before tax
Adjustments for
Interest receivable                    (435)       (669)     (1,158)
Interest payable                         241         154         377
Depreciation of property, plant        3,312       2,705       5,654
and equipment
Impairment of plant                        -           -         300
Amortisation of intangible               117           -         160
assets
Share options costs                      163         181         359
Gain on sale of property, plant         (24)     (1,761)     (1,485)
and equipment
Government grants written back             -       (537)       (538)
Operating cash flows before           13,400      10,271      20,023
movements in working capital

Increase in inventories              (1,827)     (1,247)     (1,727)
Increase in receivables              (7,398)    (12,769)     (1,893)
Increase in payables and               3,351      14,540       6,212
provisions
Decrease in retirement benefit         (844)       (223)     (1,071)
obligations
Cash generated by operations           6,682      10,572      21,544

Tax on profit paid                     (655)     (1,667)     (4,786)
Net cash from operating                6,027       8,905      16,758
activities

Investing activities
Acquisition of subsidiary                  -    (15,347)    (15,537)
Acquisition of intangible assets       (743)           -           -
Proceeds on sale of property,            767       6,597       6,760
plant and equipment
Purchase of property, plant and      (6,968)     (4,865)    (14,501)
equipment
Interest received                        435         669       1,158
Net cash used in investing           (6,509)    (12,946)    (22,120)
activities

Financing activities
Purchase of own shares                 (802)       (523)     (1,052)
Sale of own shares                        64         528         553
Interest paid                          (241)       (154)       (377)
Dividends paid                       (4,673)     (4,143)     (6,077)
Net cash used in financing           (5,652)     (4,292)     (6,953)
activities

Net decrease in cash and cash        (6,134)     (8,333)    (12,315)
equivalents

Cash and cash equivalents at          19,097      31,412      31,412
beginning of period

Cash and cash equivalents at end      12,963      23,079      19,097
of period




Notes to the Accounts

1. Basis of preparation

These interim financial statements do not constitute statutory accounts and are
unaudited.


The condensed financial statements have been prepared using accounting policies
consistent with International Financial Reporting Standards and in accordance
with IAS 34 Interim Financial Reporting.


A copy of this report is distributed to all registered shareholders of the
company and is available for members of the public upon application to the
Company Secretary at Westfield House, 4 Mollins Road, Cumbernauld G68 9HD and on
our corporate website at www.agbarr.co.uk.


The statutory financial statements for the year to 27th January, 2007 have been
filed with the Registrar and a copy may be obtained from Companies House. These
have been audited and contained an unqualified audit opinion and did not contain
a statement under Section 237(2) or Section 237(3) of the Companies Act 1985.


2. Accounting policies

This condensed consolidated interim financial statements for the half-year ended
28th July, 2007 have been prepared in accordance with the Disclosure and
Transparency Rules (DTR) of the Financial Services Authority and with IAS 34 as
adopted by the European Union. These condensed consolidated financial statements
should be read in conjunction with the annual financial statements for the year
to 27th January, 2007, which have been prepared in accordance with IFRSs as
adopted by the European Union. The accounting policies adopted are consistent
with those followed in the preparation of the group's annual financial
statements for the year ended 27th January, 2007.


The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year ending 26th January, 2008.

-          IFRIC 7 Applying the restatement approach under IAS 29, effective for
annual periods beginning on or after 1st March, 2006. This interpretation is not
relevant for the group.

-          IFRIC 8 Scope of IFRS 2, effective for annual periods beginning on or
after 1st May, 2006. This interpretation has not had any impact on the
recognition of share-based payments in the group.

-          IFRIC 9 Re-assessment of embedded derivatives, effective for annual
periods beginning on or after 1st June, 2006. This interpretation has not had
any impact on the re-assessment of embedded derivatives as the group already
assessed if embedded derivative should be separated using principles consistent
with IFRIC 9.

-          IFRIC 10 Interims and impairment, effective for annual periods
beginning on or after 1st November, 2006. This interpretation has not had any
impact on the timing or recognition of impairment losses as the group already
accounted for such amounts using principles consistent with IFRIC 10.

-          IFRS 7 Financial instruments: Disclosures, effective for annual
periods beginning on or after 1st January, 2007. IAS 1 Amendments to capital
disclosures, effective for annual periods beginning on or after 1st January,
2007. IFRS 4 Insurance contracts, revised implementation guidance, effective
when an entity adopts IFRS 7. As this interim report contains only condensed
financial statements, and as there are no material financial instrument related
transactions in the period, full IFRS 7 disclosure is not required at this
stage. The full IFRS 7 disclosure, including the sensitivity analysis to market
risk and capital disclosures required by the amendment of IAS 1, will be given
in the annual financial statements.



Change of accounting policies

As detailed in the financial statements for the year to 27th January, 2007 the
group changed its accounting policy for deferred tax.


The change in policy has had no impact on the income statement but has affected
the figures presented in the balance sheet and in the statement of recognised
income and expense (SoRIE).


The impact on the balance sheet as at 29th July, 2006 has been as follows:

Change in accounting policy for deferred tax                             £000

Decrease in deferred tax asset                                         (5,216)

Decrease in deferred tax liability                                      5,216

The impact on the SoRIE is as follows:

Change in accounting policy for deferred tax recognised in the SoRIE     £000

Increase in total recognised income                                       210


Change in estimate

As explained in the financial statements for the year to 27th January, 2007 the
group carried out a formal review of its accrual for customer volume rebates. As
a result of the review the level of the accrual was increased by £610,000 at
28th July, 2007.




3. Segment information

The group's primary basis of segmentation is by geography. For management
purposes, the group is currently organised into one business segment being the
manufacture, sale and distribution of soft drinks.


The group operates predominantly in the U.K., with some worldwide customers. The
directors are of the opinion that the group has two reportable geographic
segments as defined by IAS 14 Segment Reporting.

Geographic segments
                    Total Inter-segment External Profit attributable to
                  revenue       revenue  revenue   equity shareholders
                     £000          £000     £000    £000     £000   £000
28th July,
2007
U.K.               77,546           111   77,435  15,235        -      -
Worldwide             448             -      448     166        -      -
Consolidated       77,994           111   77,883  15,401        -      -

29th July,
2006
U.K.               71,854           153   71,701       -   14,092      -
Worldwide             483             -      483       -      124      -
Consolidated       72,337           153   72,184       -   14,216      -

27th January,
2007
U.K.              141,332           232  141,100       -        - 29,011
Worldwide             776             -      776       -        -    197
Consolidated      142,108           232  141,876       -        - 29,208

Result                                            15,401   14,216 29,208

Unallocated corporate                              5,462    5,352 10,874
expenses
Exceptional                                          107    (819)  2,761
items
Operating                                          9,832    9,683 15,573
profit

Finance income                                       435      669  1,158
Finance costs                                      (241)    (154)  (377)
Profit before                                     10,026   10,198 16,354
tax

Tax                                                2,594    3,059  3,163
Profit for the                                     7,432    7,139 13,191
period



4. Exceptional items

During the six months to 28th July, 2007 the group incurred redundancy costs in
relation to its Pitcox site totalling £60,000.

A further £47,000 of exceptional costs were incurred in relocating assets to the
Cumbernauld production site from the Atherton factory site which ceased
production during the period.

In the six months to 29th July, 2006 an exceptional gain of £2,274,000 arose on
the sale of the Scottish distribution sites. This gain was reduced by £1,455,000
of redundancy costs relating to the site closures and re-organisation of the
sales and logistics facilities.



5. Tax charge

The interim period tax charge is accrued based on the estimated average annual
effective income tax rate of 28% (six months ended 29th July, 2006: 30%)


The tax charge for the period includes the reversal of the deferred tax assets
and deferred tax liabilities recognised in the balance sheet at 27th January,
2007. The assets and liabilities at that date were calculated using a
corporation tax rate of 30%, the effective tax rate at the time of signing the
financial statements.

The effect of the changes enacted in the Finance Act 2007 was to reduce the
deferred tax liability provided at 27th January, 2007 by £27,000. This decrease
in the deferred tax liability has increased profit for the year by £5,000 and
increased other recognised gains by £22,000.

The deferred tax asset provided at 27th January, 2007 has been reduced by
£326,000 as a result of the Finance Act 2007. This decrease in the deferred tax
asset has increased profit for the year by £93,000 and decreased other
recognised gains by £422,000.


6. Intangible assets

During the period to 28th July, 2007 the group purchased the water rights for a
natural mineral water spring at a cost of £742,000. This cost has been treated
as an intangible asset in line with IAS 38 Intangible assets.


7. Property, plant and equipment

                                    6 months      6 months        Year
                                       ended         ended       ended

                                    28.07.07      29.07.06    27.01.07
                                        £000          £000        £000

At 27th January, 2007                 52,278        42,335      42,335
Additions                              6,979         5,388      14,980
Assets acquired through business           -         5,255       5,255
combinations
Disposals                              (743)       (3,900)     (4,338)
Depreciation                         (3,312)       (2,705)     (5,654)
Impairment of plant                        -             -       (300)
At 28th July, 2007                    55,202        46,373      52,278

The closing balance includes £784,000 (29th July, 2006: £11,359,000; 27th
January, 2007: £3,090,000) of assets under construction.


8. Provisions

                                    6 months     6 months        Year
                                       ended        ended       ended
                                    28.07.07     29.07.06    27.01.07
                                        £000         £000        £000

At 27th January, 2007                  2,262            -           -
Provision made during period               -            -       2,262
Provision utilised during period     (1,474)            -           -
Amount reversed during period              -            -           -
At 28th July, 2007                       788            -       2,262


The provision represents the expected restructuring costs for the closure of the
Atherton site.


9. Retirement benefit obligations

The retirement benefit obligations have continued to be accounted for under the
actuarial assumptions made at 27th January, 2007, which is considered
appropriate at 28th July, 2007.


10. Capital and reserves attributable to equity shareholders
                                          Own       Share     Retained
                                       shares     options     earnings
                                         held     reserve
                                         £000        £000         £000

At 27th January, 2007                 (4,439)       1,923       68,123
Own shares purchased                    (802)           -            -
Proceeds of share option exercise          64           -            -
Recognition of share-based payment          -         163            -
costs
Release of shares on share award          308           -            -
Transfer of reserve on share award        478       (194)        (284)
Tax on items taken directly to              -          29          305
equity
Profit for the period                       -           -        7,432
Dividends paid                              -           -      (4,673)
At 28th July, 2007                    (4,391)       1,921       70,903

At 28th January, 2006                 (4,298)       1,416       62,056
Own shares purchased                    (523)           -            -
Proceeds of share option exercise         528           -            -
Recognition of share-based payment          -         181            -
costs
Transfer of reserve on share award        317       (162)        (155)
Tax on items taken directly to              -         210            -
equity
Profit for the period                       -           -        7,139
Dividends paid                              -           -      (4,143)
At 29th July, 2006                    (3,976)       1,645       64,897


The shares held in the company were purchased to meet future requirements of the
company's employee share schemes. These shares are held in trust.


During the six months to 28th July, 2007 the trusts purchased 62,154 (29th July,
2006: 52,214) shares.

The total amount paid to acquire the shares has been deducted from shareholders'
equity and classified as Own shares held. 99,020 shares (29th July, 2006:
115,703 shares) were released from the company's employee share schemes during
the same period. The related weighted average share price at the time of
exercise was £12.93 per share (29th July, 2006: £9.89)


The £308,000 release of shares on share award relates to the release of shares
awarded under a share award scheme which had a grant date before 7th November,
2002. This award is not accounted for under IFRS through the exemption provided
by IFRS 1 First-time Adoption of International Financial Reporting Standards


There has been no change to the issued share capital or the share premium
account in any of the periods presented.



11. Contingencies and commitments
                                      As at       As at        As at
                                   28.07.07    29.07.06     27.01.07
                                       £000        £000         £000

Commitments for the acquisition of      901       5,155        4,685
property, plant and equipment



12. Post Balance Sheet events

The interim dividend of 11.00p per shares was approved by the board on 25th
September, 2007 and will be paid to shareholders on 26th October, 2007.


The ex-div and record dates will be 3rd October, 2007 and 5th October, 2007
respectively.



13. Related party disclosures

Transactions between the company and its subsidiaries, which are related
companies, have been eliminated on consolidation.


The group's retirement benefit plans are administered by an independent third
party service provider. During the six months the service provider charged the
group £227,000 (29th July, 2006: £213,000) for administration services in
respect of the retirement benefit plans. At 28th July, 2007 a nil balance (27th
January, 2007: nil) was outstanding to the service provider.



Statement of directors' responsibilities


The directors confirm that this condensed set of financial statements has been
prepared in accordance with IAS 34 as adopted by the European Union, and that
the interim management report herein includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8.


The current directors of A.G.BARR p.l.c. are as listed in the annual report for
the year to 27th January,

2007.


By order of the board



R.A. White

Chief Executive

25th September, 2007


I.F. Greenock

Finance Director

25th September, 2007



INDEPENDENT REVIEW REPORT TO A.G.BARR p.l.c


Introduction

We have been instructed by the company to review the financial information for
the six months ended 28th July, 2007 which comprises consolidated income
statement, consolidated balance sheet, consolidated cash flow statement and
consolidated statement of recognised income and expense.

We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.


This report, including the conclusion, has been prepared for and only for the
company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, therefore in producing this report, accept
or assume responsibility for any other purpose or to any other person to whom
this report is shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.


Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority.


The accounting policies are consistent with those that the directors intend to
use in the next annual financial statements.


Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the U.K. A review consists
principally of making enquiries of group management and applying analytical
procedures to the financial information and underlying financial data and based
thereon, assessing whether the disclosed accounting policies have been applied.
A review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than an
audit and therefore provides a lower level of assurance. Accordingly, we do not
express an audit opinion on the financial information.


Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 28th July, 2007.


Baker Tilly UK Audit LLP

Breckenridge House

274 Sauchiehall Street

Glasgow G2 3EH

25th September, 2007



                      This information is provided by RNS
            The company news service from the London Stock Exchange