AG Barr reports sales outperforming market
Soft drinks maker AG Barr said total revenue for the 15 weeks to 11th May increased by 5.2% versus the same period last year.
The soft drinks market, as measured by Nielsen, recorded value growth of 1.9% and volume decline of 0.6% over the period up to and including 10th May 2014.
Barr said core brands are responding well to increased marketing support and sustained consumer promotional investment, whilst our strategy of extending distribution continues to make good progress. In the period, the increase in revenue has been underpinned by a strong volume performance across all of our core brands. Margins are in line with management expectations.
The brand and sales programme associated with sponsorship of the Glasgow 2014 Commonwealth Games is now fully underway. In addition, our innovation plans are well advanced and the "Fit for the Future" change programme is making good progress.
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 26th January 2014.
At today's AGM Ronnie Hanna, Chairman, will announce his intention to retire from the Board on 31 December 2014. Ronnie has served on the Board for 11 years with 5 years as Chairman. John Nicolson will, with immediate effect, assume the role of Deputy Chairman taking on the role of Chairman on 31 December 2014.
The Board will today declare a second interim dividend for the year ended 26 January 2014 in place of the proposed final dividend. The interim dividend will not require the approval of shareholders. The amount of this interim dividend shall be 8.19p per ordinary share.