Home Business NewsBusiness Irn-Bru maker AG Barr reports profit slump

Irn-Bru maker AG Barr reports profit slump

by LLB Editor
30th Mar 21 10:58 am

Irn-Bru maker AG Barr has seen a slump in full-year profits due to the effects of  the pandemic.

The company said pre-exceptional profit before tax fell 12.3% to £32.8m for the year to 24 January 2021 from £37.4m a year earlier.

Statutory profit fell 30.5% to £26m compared with £37.4m a year earlier.

It said it would resume dividend payments this year and that it ended the financial year with a stronger balance sheet than previous year, with £50m net cash at bank (2019/20: £10.9m). Revenues dropped 11% to £227m.

Roger White, chief executive, said: “We closed the year in strong financial health, with our brands and business poised for growth on a like for like basis, and with the clear intention to recommence dividend payments in 2021.

“Whilst there now appears to be a route out of lockdown, the immediate future remains uncertain.  Notwithstanding this current backdrop, our strategy for the year ahead is to support our core growth initiatives with significant investment.

“We have exciting plans to deliver across the Group and are confident of continuing to make further progress in the coming year.”

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