Preliminary Results

Barr(A.G.) PLC
01 April 2008


For immediate release                                      1 April 2008


                                A.G.BARR p.l.c.

                     PRELIMINARY RESULTS FOR THE YEAR ENDED
                               26th JANUARY 2008


A.G.BARR p.l.c. the soft drinks group announces its preliminary results for the
12 months to 26th January 2008.


Key Points


   • Profit on ordinary activities before tax and exceptional items increased
     by 11.4% to £21.3m (2007 - £19.1 m).
   • Profit before tax increased by 27.4% to £20.8m (2007 - £16.4m)
     reflecting the significant prior year exceptional costs of re-organisation
     and rationalisation.
   • Turnover increased by 4.6% to £148.4m (2007 - £141.9 million).
   • Proposed final dividend of 28.00p per share to give a proposed total
     dividend for the year of 39.00p per share, an increase of 11.4% over the
     previous year.
   • Strong performance from both core carbonate brands and still brands
     despite poor summer weather.
   • IRN-BRU and Diet IRN-BRU revenue increased by 3% and market share grew
     across all regions in the UK.
   • Acquisition of Vitsmart functional water and Taut sports drinks brands
     plus Rockstar energy drink franchise enhance the portfolio.
   • Cash flow remained strong resulting in £17.9m cash at bank.
   • Operating profit margin improved as the restructuring programme begins
     to deliver planned benefits.



Commenting Roger White, Chief Executive said:


'The business made excellent progress over the last 12 months despite the
difficulties of poor weather and increased competition in the soft drinks
market. During the course of the last year we have grown our sales, improved our
operating margins and continued to develop our strong portfolio of brands.


The current challenging macro economic climate should have minimal impact on our
business. We remain confident that we can deliver growth and improve business
performance from our expanding stable of brands. The benefits of our capital
investments and restructuring programme are now beginning to flow through
improving cost and operational capability.


Sales in the first seven weeks of the new financial year are 3% ahead of the
same period last year.'



New images can be found at www.fovea.tv after 3pm free of charge.


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


Chairman's Statement


Review of Results

Profit before taxation for the year to January 2008 was - excluding exceptional
items - £21.3m compared with £19.1m for the previous year. This increase of
11.4% represents an excellent overall performance in a year of dismal summer
weather and also reflects the improvement in operating costs resulting from the
infrastructure changes completed during the year.


The exceptional items produced a net charge of £0.5m. This was a substantial
reduction from the charge of £2.8m incurred last year and represented the final
costs of our recent restructuring process.


Turnover for the year to January 2008 was £148.4m - an increase of 4.6% over the
previous year. Adjusting for the turnover of the Strathmore Water business which
was acquired in June 2006, the like-for-like increase was 2.7%.


The tax charge for the current year is again very low at 19% of the profit on
ordinary activities compared with the corporation tax rate of 30% applicable to
the year. The difference is substantially due to a reduction of £1.3m in the
company's tax charge for this year related to the disposal of properties at the
conclusion of our restructuring process.


Basic earnings per share have risen from 69.65p to 86.75p and your directors are
pleased to recommend a final dividend of 28.00p per share to give a total
dividend for the year to January 2008 of 39.00p - an increase of 11.4%. It is
worth noting that over the last six years we have been able to raise the total
dividend for the year from 21.60p to 39.00p - an overall increase of 80.6%.


People

On behalf of our external shareholders I would again like to take this
opportunity to thank all our employees for their efforts during this year. The
excellent results achieved are particularly creditable given both the
distraction of completing the infrastructure changes and the exceptionally poor
summer weather experienced this year in comparison with 2006.


Board

We announced in January that the current year would see the retiral of two long
serving executive directors.


Alan Bibby, Operations Director, retired on 29th February. He joined the Company
in 1977 and was appointed to the Board in 1985. Iain Greenock who will retire at
the end of June joined the Company in 1975 and was appointed Finance Director in
1998. Throughout these long periods of service both Alan and Iain have
consistently given a level of application and professionalism which has
contributed substantially to the Company's success over that time and I would
like to thank them on behalf of all our shareholders and wish them both well in
their retirement.


After the conclusion of an exhaustive recruitment process I am pleased to
confirm that we have been able to appoint two capable and experienced candidates
to the vacant positions. Andrew Memmott, who joined the Company in 1990 and was
most recently Head of Manufacturing, was appointed Operations Director on 1st
March. We also anticipate the appointment on 1st July of Alex Short as Finance
Director. Alex is currently Group Finance Director of William Grant & Sons Ltd,
a major company in the alcoholic drinks industry. I look forward to the
contributions that these two new board members will make to the Company.


Prospects

Competition within the soft drinks industry remains intense and is now spread
over the much wider range of products which today's consumer demands. To meet
this change we have continued to widen our own portfolio into those categories
which offer prospects of profitable growth while, at the same time, we remain
aware that traditional carbonates will for the future remain the largest soft
drinks category. We are confident that the strength of our core brands in that
category will enable us to successfully develop the widening portfolio with
which we are now engaged.



W R G Barr

CHAIRMAN


Chief Executive's Statement


Financial Performance

Over the course of the last financial year our business has delivered a strong
overall performance. We have continued to execute our value based growth
strategy and despite the extremely poor summer weather and its consequential
impact on the soft drinks market we have delivered growth in sales revenue,
operating margin and profit, at the same time as we further invested in our
brands and assets. The pace of operational change has continued to be
challenging but we remain confident in our ability to deliver improved financial
performance even in times of significant change.


Although the poor summer weather impacted the soft drinks market we continued to
make good financial progress with pre-tax profit, before exceptionals,
increasing by 11.4% from £19.1m to £21.3m. This strong performance was
underpinned by improvements in operating margins reflecting the impact of the
benefits in our Scottish supply chain project beginning to flow through.


Total sales grew by 4.6% from £141.9m to £148.4m in the period (2.7% on a
like-for-like basis adjusting for the Strathmore Water business acquired in June
2006), highlighting the resilient nature of our brands which have collectively
grown market share across the year.


Although we continued to manage our business primarily focusing on value not
volume, we did, as previously indicated, marginally increase our promotional
weight in the multiple retailers sector across the summer period. This
initiative in tandem with our ongoing development of the impulse market and a
strong control over costs ensured that we successfully delivered our business
targets across the summer period despite the challenging market conditions.


Operating profit before exceptionals increased by 11.2% and the operating margin
improved in line with our expectations from 12.9% to 13.7%. Further improvement
to operating margin is expected from our restructuring programme although
increased marketing support costs are planned as we further develop our brand
portfolio for the long-term.


Capital spend in the period was £12.5m and, although lower than the prior year,
it was higher than long-term average levels as we completed our major
restructuring projects. During the second half of the year we completed the
clearance of and exit from our Atherton site. This location is now surplus to
our operating requirements and a marketing process has now commenced. Despite
our high level of capital spend, we were able as a consequence of our continued
focus on cash management to exit the year with £17.9m of cash in the bank.


We acquired the Vitsmart and Vitaminsmart brands from Chartered Brands in
December 2007 for a potential total consideration of £350,000. This acquisition
will give us a head start in the enhanced waters category with an existing
product range and revenue streams to quickly build on. The total sales of
Vitsmart/Vitaminsmart in 2007 were approximately £1.0m at retail sales value.


We also announced the acquisition of the Taut sports drinks business in late
January 2008. The business was acquired for a nominal sum of £1 and had
operating losses of c£1.3m in 2006. This acquisition also gives us a strong
point of entry into the sports drinks category with a brand that has already had
a significant marketing and promotion spend behind it and importantly a credible
position with both consumers and the trade in this key growth category. The Taut
business will be rapidly consolidated into our operating structure and we expect
that the operating losses will be stemmed during the early part of 2008/09. It
is consequently anticipated that Taut will not have a material impact on the
operating performance of the business in 2008/09 financial year.


The Market

Over the course of the 2007/08 financial year the total soft drinks market grew
in value by 3% however its volume dropped by 2% (source Nielsen Scantrack 12
months to 26th January, 2008). This performance reflects the difficult
year-on-year comparison in the summer months which contrasted the UK's hottest
summer in 2006 with its wettest in 2007. This poor summer position was
particularly evident in those sub-categories which had done best in the summer
of 2006 - namely water, dilutables and fruit juice. Carbonates in comparison
performed relatively better. This was partly due to less difficult comparators
but further confirms our view that good quality, well supported carbonate brands
can continue to offer good growth prospects. In the twelve month period
carbonates were up 4% in value and slightly down in volume. Within the
carbonates sector the decline of a number of historically poorer performing
non-differentiated fruit carbonate brands continued.


Regardless of weather the two sub categories which have consistently performed
strongly over the last two years are sports and energy, in both still and
carbonated format. With growth in the last twelve months in excess of 20% in
volume and value these sub categories continue to form much of the engine for
growth in the category as a whole. With this in mind it is even more important
to develop our portfolio into these key areas of potential for future growth.


During the last twelve months our pence per litre (PPL) as measured by Nielsen
has continued to improve, increasing by 2% on core Barr brands. This growth is
marginally lower than the prior twelve months reflecting our stated plan of
increasing promotional weight in multiples as well as the highly competitive
nature of the market during the difficult summer period. We anticipate a return
to our historic level of promotional weight in 2008/09 and consequently expect
our own PPL to rise at or possibly in advance of industry average levels.


Strategy

Our core strategic focus remains unchanged and we continue to develop our
strategy around:


• Core brands and markets

• Portfolio development

• Route to market

• Partnerships

• Efficient operations


In addition, the ongoing development of our people underpins each of these areas
of strategic focus.


Much of our time and effort in the last twelve months has been spent in pursuit
of our goal of building a sustainable future growth platform for the business.


We have therefore allocated increased resources towards the areas of core brands
and markets, portfolio development and partnerships all of which are central to
meeting our future growth aspirations.


Core Brands and Markets

The Barr brands portfolio performed well in both market share and absolute sales
terms across the year. Although the poor summer weather had a negative impact on
the total soft drinks market our market share was at its strongest in the
difficult summer months demonstrating the underlying brand strength and consumer
demand for our core brands. The continued focus on product quality and consumer
preference, in particular their taste preferences on a regional basis, has paid
further dividends in improved sales performance across our range and throughout
the UK.


IRN-BRU and Diet IRN-BRU both continued to show good year-on-year growth
increasing sales revenue by over 3%. Considerable market share gains were also
made especially in England and Wales where the IRN-BRU brand grew market share
by 10% in the period. This market share performance contrasts starkly with
competing other flavoured carbonate brands - Fanta and Tango - both of which
lost significant volume and share over the year. The IRN-BRU brand is now in
value share terms bigger than the combined size of the Lilt, Sprite and Tango
brands. After a huge initial sales performance IRN-BRU 32 has settled into a
stable rate of sale which reflects its position in the portfolio as a long-term
product focused on energy drink consumers specifically in the Scottish market.


In an exciting year for the brand, IRN-BRU became the main sponsor of the
Scottish Football League cementing its position as a prominent supporter of
grass roots sports throughout Scotland. With a combination of centrally
controlled football initiatives balanced with local club support and activities,
this three year deal gives the IRN-BRU brand a great platform for communication.
In tandem with the continued increase in overall marketing investment behind the
IRN-BRU brand the packaging was further updated with the classic IRN-BRU bottle
design now represented across the whole impulse portfolio and a higher level of
focus behind the 250ml small bottle range. The IRN-BRU brand is in good health
with the potential to deliver further exciting developments across 2008/09.


Orangina has had another excellent year with revenue growth of 13% reflecting
consumers' response to the increased marketing investment in the brand and also
the significant improvements to listings and distribution. The creative and
commercial plans for 2008/09 suggest that the current momentum should continue.


Tizer was re-launched at the start of the year with the addition of real fruit
juice and with no artificial colours, flavours or sweeteners - the 'new original
recipe' Tizer. Tizer has performed in line with the other flavoured carbonates
sector this year with sales down 4% reflecting a combination of the poor summer
and a number of previously lost listings impacting sales. Tizer has recovered 7%
in PPL but now needs to re-establish its distribution and listings across 2008/
09.


The underlying strength of our regional offerings whether in the West of
Scotland, Central London or the M62 corridor has once again delivered good
growth. Our regional portfolio including D'N'B, KA, Red Kola and the Barr range
substantially outperformed the market with all brands in growth and a
particularly encouraging performance this year in the London area.


Over the course of the last year we rationalised our water offering to focus the
Findlays brand on water coolers and Strathmore as our main retail/food service
water brand. We commenced, as planned, our marketing activity behind the
Strathmore brand including a heavy weight TV advertising campaign and outdoor
media in Scotland despite the weakness in the overall water market during the
summer of 2007. The launch of Strathmore into the impulse market has gone well
although the poor market conditions experienced by the water category overall
has held sales flat. The water market remains competitive but we plan to
continue to develop Strathmore as a premium brand in the sector. We have further
initiatives designed to build the brand included in our programme for 2008/09.


Portfolio Development

During the last twelve months we have made significant progress in the
development of our portfolio across the wider soft drinks category. It remains
our firmly held view that taste is a key determinant of success and that
consumers wish a range of products - traditional carbonates, still/fruit based
products and functional drinks. Our efforts to accelerate our developments and
improve our speed to market have seen further progress in the development of the
St Clement's brand with the launch of a range of juices and smoothies. These
high quality products are marketed with both the consumer and trade in mind -
they are designed to be 'stored ambient and served chilled'. They are positioned
at a good value for money price point, meeting the demands of the impulse
channel where chilled storage and distribution is an issue and allowing
increased numbers of consumers access to a high quality product category at a
competitive price in this channel.


We have also re-designed our schools range once more in the period to meet the
challenging and often inconsistent requirements of this sector.


In our efforts to develop our portfolio we have taken a pragmatic approach to
satisfy our growth and development aspirations - consequently we have not only
designed and launched several new products under our existing brand names but we
have also purchased brands. The acquisitions have been in sectors which we
believe are capable of real sustained future growth where speed to market and
brand credibility is important. The purchase of the Vitsmart/Vitaminsmart brands
and the Taut sports drink business allows us a fast start into these key
categories with the potential to grow quickly over the course of the next few
years.


Our commercial partnership with Rockstar commenced in the final quarter of 2007/
08 with the launch of three Rockstar variants - standard, diet and a juiced
product - into the UK. The large can energy market is growing quickly and with
the product and marketing support of Rockstar we can provide an exciting range
to consumers in this growing category.


Last year has therefore seen considerable development in our portfolio and
brought us to a position where we are becoming a more balanced business, with
prospects of growth across multiple brands in almost all key sectors.


Route to Market

Supporting the rapid growth of our portfolio is crucial in route to market
terms. We have continued to invest in the infrastructure to develop our specific
route to market. Although the impulse market remains an important focus for our
efforts, we have improved performance and resources across all our key trade
channels and will continue to do so. The roll out of our new Customer
Relationship Management software is planned for early in the 2008/09 financial
year following a full year of development work. This system is designed both to
improve our cost efficiency and at the same time enhance our overall customer
service offering.


Partnerships

Our ability to form strong strategic partnerships remains a cornerstone of our
operating philosophy. Throughout the business we encourage a partnership
approach with both internal teams and our key external business contacts.


During the last year our Orangina business has continued to improve with total
sales of Orangina International products now over £8.0m. We are committed to
developing the Orangina business in the U.K.


Our partnership with the Rockstar team has made an excellent start with huge
interest in the brand and a strong executional plan for 2008.


We have seen strong growth from the Rubicon brand and will continue to work with
the Rubicon team to deliver contract filling and route to market support for the
brand.


On a less positive note we ended our supply of carbonated PET and can products
to Marks and Spencer during the course of last year. This was our only piece of
customer own brand business and accounted for sales of £1.7m in 2006/07.
However, we have recently launched a new range of traditional carbonates in
glass bottles with Marks and Spencer. This traditional range is targeted at
slightly older consumers and has made good early sales progress.


IRN-BRU in Russia has done very well over the last twelve months with local
sales up 20% versus the overall carbonated soft drinks market in Russia at +7%.
This performance continues to give us confidence that the IRN-BRU brand can be
further developed outside the UK.


Exports to our partners in Spain increased by 32% and our fledgling business in
Australia broke through the 1 million litre mark ahead of plan.


We have once again continued across the year to work with our key partner
suppliers in many fields to manage risk, enhance quality and improve efficiency
while reducing environmental impacts.


Efficient Operations

The structural changes in which we have invested over the last twenty four
months have now started to deliver the operating efficiencies and cost savings
as planned. Our fewer, larger operating sites have had a busy year with the
completion and commissioning of our new can line being the single biggest
investment. Across all our sites we have continued to invest to improve
flexibility, cost, quality, safety and service. This has not been an easy year
within our core operations - new systems and new people, operating on updated
sites plus a major new line being commissioned at Cumbernauld with the added
dimension of the planned closure of our Atherton site in June. Throughout these
changes our focus on the continuous improvement of cost and efficiency coupled
with improved flexibility has enabled all our teams to deliver our operating
plan.


The further development of our product portfolio is naturally giving us
increased operational challenges to meet which we are confident we will tackle
successfully. As we look forward our operational efforts will continue to focus
on efficiency and cost. However, increasingly operational complexity and the
environment will play larger roles in our long-term planning.


Our asset base is in good health but we cannot afford to be complacent since we
have stretching improvement targets throughout our operations. Further
investment planning is now underway with long-term site development plans being
created for our key locations.


People

The business performance improvements of the last twelve months have been
delivered by the people in our business. Through sheer hard work, experience,
talent and commitment many have overcome significant hurdles to deliver the
financial performance we have achieved.


I would like to thank everyone for their efforts. I would also like to
specifically thank the team at our Atherton site who worked effectively and with
great spirit until the final can was filled at that site in June of last year.


At Board level the retirement of Iain Greenock, Finance Director and Alan Bibby,
Operations Director will be a great loss and I would like to thank them for
their many years of service and the great impact they have both had on the
business. We were however pleased to welcome Andrew Memmott to the Board on his
appointment as Operations Director and we look forward to Alex Short joining us
as Finance Director during the summer of 2008. I am also pleased to welcome
Julie Barr to the role of Company Secretary. Julie joined the company in 2004
following her earlier legal career.


Throughout the last year we have continued to improve our training and
development across the business with 25 managers benefiting from our Business
Leadership programme and 9 managers participating in our First Line management
programme. Another 32 managers achieved further external qualifications such as
National Vocational Qualifications during the last twelve months.


As our business grows and develops communication becomes more important. This is
an area we aim to further develop. We have established local consultation teams
as a first formal step and improved our internal KPI and performance briefings.
We will continue to invest time and effort across the business to ensure people
development and communication keeps pace with the business as it develops.


Outlook

The business, despite mixed weather and a competitive soft drinks market,
performed well over the last financial year. The soft drinks market remains a
challenging but rewarding sector although it is changing and its complexities
are increasing - it is not as simple as carbonates and stills or full sugar and
diet - consumers are becoming more selective, media is fragmenting, demographic
profiles are changing. We need to take account of all of this in moving the
business forward but we must also remember not to lose sight of the basic
fundamentals - taste, brand differentiation and product availability.


We have, as planned, delivered improved operating profit during the last twelve
months and we have increased the momentum behind the development of our
portfolio. We must now continue to both invest behind our core brands at the
same time as we provide support to our growing portfolio of new brands.


Although the general economic outlook is somewhat uncertain and there is
pressure on margins from increased input costs across our industry we remain
optimistic that we are well positioned to ride out these difficulties and look
forward to further sustained business growth and improvement.


Roger White

CHIEF EXECUTIVE


A.G.BARR p.l.c.

Consolidated Income statement

for the year ended 26th January, 2008


The following are the unaudited results for the year to 26th January, 2008. The
Board recommends the payment of a final dividend of 28.00p per share which if
approved by the shareholders will be posted on 5th June, 2008. The total
distribution proposed for the year amounts to 39.00p per share (2007 -35.00p)

                                                         Group
                                                   2008        2007
                                                   £000        £000

Revenue                                         148,377     141,876
Cost of sales                                    76,068      71,453
Gross profit                                     72,309      70,423
Net operating expenses                           51,920      52,089
Operating profit before exceptional              20,389      18,334
items
Exceptional items
Restructuring costs                                 639       5,076
Release of excess restructuring                   (171)           -
provision
Gain on disposal                                      -     (2,315)
Exceptional items                                   468       2,761
Operating profit                                 19,921      15,573
Finance income                                      924       1,158
Finance costs                                      (12)       (377)
Profit on ordinary activities before             20,833      16,354
tax
Tax on profit on ordinary activities              3,995       3,163
Profit attributable to equity                    16,838      13,191
shareholders
Dividend per share paid                           35.75  p    32.25 P
Dividend paid (£'000)                             6,751       6,077
Dividend per share proposed                       28.00  p    24.75 P
Dividend proposed (£'000)                         5,449       4,817
Basic earnings per share                          86.75  p    69.65 P
Fully diluted earnings per share                  85.65  p    68.15 P


Record date: 9th May, 2008

Ex-div date : 7th May, 2008


The financial information set out in this announcement does not constitute
statutory accounts. The financial information for the year ended 27th January,
2007 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.







A.G.BARR p.l.c.

Statement of Recognised Income and Expense

for the year ended 26th January, 2008
                                         Group               Company
                                    2008        2007       2008    2007
                                    £000        £000       £000    £000
Actuarial gain / (loss)            5,167       (907)      5,167   (907)
recognised on defined
benefit pension plans
Deferred tax on items taken      (2,649)         366    (2,649)     366
directly to equity
Current tax on items taken           909           -        909       -
directly to equity
Net cost recognised directly       3,427       (541)      3,427   (541)
in equity
Profit for the period             16,838      13,191     16,668  13,057
Total recognised income and       20,265      12,650     20,095  12,516
expense for the period
Attributable to equity            20,265      12,650     20,095  12,516
shareholders



A.G.BARR p.l.c.

Balance sheets

As at 26th January, 2008
                                       Group                   Company
                               2008          2007         2008          2007
                                  £000        £000         £000         £000
Non-current assets
Intangible assets               10,656       9,742       10,656        9,742
Property, plant and             53,373      52,278       52,751       51,402
equipment
Investment in subsidiaries           -           -          205          205
Deferred tax assets                  -         699            -          731
                                64,029      62,719       63,612       62,080
Current assets
Inventories                     12,339      11,409       12,285       11,299
Trade and other                 25,965      25,406       25,634       24,983
receivables
Cash at bank                    17,899      19,097       17,593       18,957
Current tax                        557           -          648           14
Assets classified as held        2,910           -        2,864            -
for sale
                                59,670      55,912       59,024       55,253

Total assets                   123,699     118,631      122,636      117,333

Current liabilities
Trade and other payables        28,163      28,776       29,085       29,347
Provisions                         284       2,262          284        2,262
Current tax                          -          59            -            -
                                28,447      31,097       29,369       31,609
Non-current liabilities
Deferred income                     72          73           72           73
Retirement benefit               8,009      16,084        8,009       16,084
obligations
Deferred tax liabilities         2,393           -        2,388           -
                                10,474      16,157       10,469       16,157

Capital and reserves
attributable to equity
shareholders
Called up share capital          4,865       4,865        4,865        4,865
Share premium account              905         905          905          905
Own shares held                (3,717)     (4,439)      (3,717)      (4,439)
Share options reserve              964       1,923          964        1,923
Retained earnings               81,761      68,123       79,781       66,313
                                84,778      71,377       82,798       69,567

Total equity and               123,699     118,631      122,636      117,333
liabilities



A.G.BARR p.l.c.

Cash Flow Statements

for the year ended 26th January, 2008
                                      Group                  Company
                                   2008        2007        2008        2007
                                   £000        £000        £000        £000
Operating activities
Profit on ordinary               20,833      16,354      20,628      16,166
activities before tax
Adjustments for
Interest receivable               (924)     (1,158)       (913)     (1,152)
Interest payable                     12         377          12         377
Depreciation of property,
plant and equipment
                                  6,668       5,654       6,393       5,381
Impairment of plant                   -         300           -         300
Impairment of assets
classified as held for sale
                                     96           -           -           -
Amortisation of customer            233         160         233         160
relationships
Share options costs                 385         359         385         359
Gain on sale of property,
plant and equipment
                                     33     (1,485)          33     (1,485)
Government grants written           (1)       (538)         (1)       (538)
back
Operating cash flows before      27,335      20,023      26,770      19,568
movements in working
capital

Increase in inventories           (930)     (1,727)       (986)     (1,703)
Increase in receivables           (559)     (1,893)       (651)     (1,807)
(Decrease) / Increase in        (1,922)       6,212     (1,571)       6,236
payables
Decrease in retirement          (2,855)     (1,071)     (2,855)     (1,071)
benefit obligations
Cash generated by                21,069      21,544      20,707      21,223
operations

Tax on profit paid              (3,259)     (4,786)     (3,216)     (4,734)
Net cash from operating          17,810      16,758      17,491      16,489
activities

Investing activities
Acquisition of Strathmore             -    (15,537)           -    (15,537)
water business
Acquisition of intangible         (892)           -       (892)           -
assets
Proceeds on sale of
property, plant and
equipment                           977       6,760         927       6,722
Purchase of property, plant
and equipment
                               (12,448)    (14,501)    (12,234)    (14,216)
Interest received                   924       1,158         913       1,152
Net cash used in investing     (11,439)    (22,120)    (11,286)    (21,879)
activities

Financing activities
Purchase of own shares          (2,227)     (1,052)     (2,227)     (1,052)
Sale of own shares                1,421         553       1,421         553
Interest paid                      (12)       (377)        (12)       (377)
Dividends paid                  (6,751)     (6,077)     (6,751)     (6,077)
Net cash used in financing      (7,569)     (6,953)     (7,569)     (6,953)
activities
Net decrease in cash and        (1,198)    (12,315)     (1,364)    (12,343)
cash equivalents

Cash and cash equivalents        19,097      31,412      18,957      31,300
at beginning of period
Cash and cash equivalents        17,899      19,097      17,593      18,957
at end of period




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