News
Irn-Bru maker posts £51m pre-tax profit as CEO prepares to step down
A pre-tax profit of £51.3m represents a 15.5% year-on-year increase for the Irn-Bru maker, while revenue climbed to £400m, up nearly 26% when compared with 2022/23.
Like-for-like revenue rose by 8% with overall revenue bolstered by the full year contribution from the Boost portfolio.
Adjusted profit before tax was calculated as £50.5m which represents a 16.1% year-on-year increase.
The announcement comes ahead of the departure of chief executive Roger White, who will step down from the board at the end of April before departing the firm altogether in July. White will be replaced by former Co-op boss Euan Sutherland, who is set to join on 1 May.
Commenting on the results, White said: "I would like to take the opportunity to thank all of the teams across the group who have worked incredibly hard to deliver this excellent financial performance.
“With our business in a strong financial position, and our portfolio of differentiated brands poised for further growth, I have every confidence that our proven strategy, our results-driven teams and our well-invested asset base will continue to support long-term growth and value creation."
AG Barr chair Mark Allen praised White for transforming the drinks manufacturer from a regional business into a “highly successful multi-beverage, branded company”.
Commenting on the impending arrival of Sutherland, Allen added: “He has a wealth of consumer goods experience, an excellent track record in delivering sustainable growth and a history of improving efficiency and profitability through major transformation programmes.”
Earlier this month (March 2024) AG Barr confirmed that it was overhauling its operations, with plans in place to close its Barr Direct store delivery service and fully integrate the energy drink brand Boost into Barr Soft Drinks.
The moves have placed nearly 200 workers at risk of redundancy.
In other news, a legal claim has been launched against Avara Foods alleging that the poultry supplier is polluting the River Wye and its surrounding area.
