AGM and Interim Management Statement

RNS Number : 6472F

Barr(A.G.) PLC

28 May 2013

 



28 May 2013

A.G. BARR p.l.c.

Annual General Meeting and Interim Management Statement

A.G. BARR p.l.c., the soft drinks group, will today hold its Annual General Meeting in Glasgow and announces its Interim Management Statement covering trading for the period 27 January to 12 May 2013.

Total revenue for the 15 weeks to 12 May 2013 increased by 2.4% versus the equivalent period last year.  This compares favourably with the overall soft drinks market (as measured by Nielsen) which was flat in revenue terms in the same period, having been impacted by the unseasonable weather and a strong prior year performance.

Whilst it is still early in our financial year, our core brands continue to perform well despite the weather, economic challenges and significant increases in competitor promotional activity.

In the period our margins have performed in line with our expectations. We have continued to commit significant marketing investment across all of our core brands, maintaining our strategy of investment in long term brand building, whilst delivering excellent value for consumers.

We are making excellent progress with our investment in operating capacity at Milton Keynes.  Having taken possession of the site at the beginning of May, installation of plant and machinery is well underway.  We expect initial commissioning to commence, on schedule, within the next eight weeks and we plan to host an analyst site visit to the new facility at the end of the summer.

The balance sheet remains strong and there have been no significant changes in the financial position of the Company since publication of the Report and Accounts for the year ending 26 January 2013.

Potential merger with Britvic plc

We continue to cooperate fully with the Competition Commission and in line with the published timetable we expect to receive notification of their provisional findings in early June.  The strategic attraction of the merger, as previously described to all shareholders, has not changed and the board will accordingly reconsider the transaction once the Competition Commission findings are available.

Outlook

As we now enter the key summer trading period we anticipate that the marketplace will remain highly competitive.  Our commercial and operational plans are well developed and we remain focused on delivering a strong result for the year.

The capacity of our balance sheet together with our strong track record and proven business model supports the multiple opportunities that exist to develop our business.  We remain very confident in our future prospects.

For further information, please contact:

A.G. BARR	Tel:  [phone]
Roger White, Chief Executive
Alex Short, Finance Director
College Hill	Tel:  [phone]
Justine Warren
Matthew Smallwood

 

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