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AG Barr upgrades outlook on profit on stronger H2 performance
StockMarketWire.com
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Irn-bru maker AG Barr upgraded its outlook on performance on stronger-than-expected results in first four months of the second half of its fiscal year.
For the financial year ended 24 January 2021, adjusted pre-tax profit was expected to be ahead of market expectations and revenue was expected to be marginally ahead of the company's revised guidance.
In the first four months of the second half trading was at the 'upper end of our scenario plans,' the company said.
But COVID-19 developments since early December 2020, in particular increased social restrictions across the UK and the entry into full lockdown in January 2021, were now 'having an impact, most notably in the hospitality and "drink now" categories,' it added.
The company expected to end the year with about £50 million net cash at bank.
Story provided by StockMarketWire.com
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