A.G. BARR (BAG) Trading Update summary

Revenue and financial performance

• H1 revenue expected at approximately £221m, up from £210.4m in the prior year, representing around 5% growth.

• Soft Drinks segment grew about 7%, with IRN-BRU and Rubicon showing strong volume and value gains.

• Analyst consensus for FY24 is net revenue of £421.2m and PBT of £56.9m, compared to FY23 PBT of £50.5m.

Brand and segment highlights

• Rubicon achieved double-digit revenue growth, driven by marketing and new distribution.

• IRN-BRU saw continued market share gains, especially in England.

• FUNKIN RTD cocktail business maintained growth, though off-trade gains were offset by hospitality sector challenges.

• MOMA continued to grow with new distribution wins.

Strategic initiatives and operations

• Margin rebuild and insourcing programs are progressing as planned, supporting improved resilience and capacity.

• Integration of Boost into Barr Soft Drinks is on track, with production insourcing to deliver further benefits.

• Barr Direct route to market closed, with independent retailers now served via wholesale.

• One-off costs from business change projects will mostly impact H1.