LONDON (dpa-AFX) - A.G.BARR plc (BAG.L), a producer of soft drinks, Tuesday reported that its first-half profit before tax dropped 10.4 percent to 24.9 million pounds from last year's 27.8 million pounds.
Basic earnings per share were 16.88 pence, down 10.5 percent from 18.87 pence a year ago.
Adjusted profit before tax was 29.3 million pounds, compared to prior year's 27.0 million pounds. Adjusted basic earnings per share were 19.86 pence, compared to last year's 18.15 pence.
Adjusted operating margin grew to 13.0 percent from 12.5 percent a year ago.
Revenue was 221.3 million pounds, up 5.2 percent from 210.4 million pounds a year earlier. Soft Drinks revenues were up 7.0 percent, with Rubicon and IRN-BRU delivering both volume and price gains.
Further, the Board has declared an interim dividend of 3.10 pence per share, growth of 17 percent from last year, payable on November 1 to shareholders on the register on October 4.
Looking ahead, the company said it is confident that the execution of its plans will result in a strong second half and the delivery of a full year performance in line with current market expectations.
The current analyst consensus for fiscal 2025 net revenue is 421.5 million pounds and profit before tax is 57.2 million pounds, while last year's profit before tax was 50.5 million pounds.
Euan Sutherland, Chief Executive, said, 'We anticipate a strong H2 performance from our four core brands - IRN-BRU, Rubicon, Boost and FUNKIN - in particular, with current trading momentum underpinned by further marketing and innovation activities. Guidance on 2024/25 revenue and operating margin is unchanged. We remain confident of continued, sustainable growth over the long term, in line with our strategic ambitions.'
Jonathan Kemp will retire from his position as Commercial Director at the end of September 2024. He will remain with the company until September 2025 to lead a number of projects and support a smooth transition.
The company further announced the appointment of Dino Labbate, who joins in January 2025 from Britvic, in a newly created, broader role of MD A.G. BARR, reporting to the CEO.
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