Interim Results

Barr(A.G.) PLC 26 September 2000 A G BARR p.l.c. Interim Results For the 6 months ended 29 July 2000 A G Barr p.l.c, the Scottish based manufacturer of soft drinks including the popular Irn-Bru, Tizer and Orangina brands, announces its interim results today. Key Points * Profit before tax for the reported period was £7.69m (1999: £8.23m) a decrease due to adverse weather during July affecting sales. * UK sales of Barr brands up by 2.5%. * Barr brands achieved an increase in market share within the total UK carbonates market, with leading brand, IRN-BRU, achieving a volume increase of just under 6% compared with the same period last year. * Interim Dividend of 7.35p in respect of the year to 27 January 2001. * An improvement in sales and profit performance during August. Commenting on the results, Robin Barr, the Executive Chairman, said: 'Despite this half year's results having been adversely affected by the disappointing summer weather in the UK, we continue to see a successful long-term future for our company based on its portfolio of brands and our ongoing investment therein.' For further information, contact: A G Barr: Robin Barr, Chairman OR 0141 554 1899 Iain Greenock, Financial Director Buchanan Communications: Tim Thompson / Nicola Cronk 020 7466 5000 CHAIRMAN'S STATEMENT Profit on ordinary activities before taxation for the 6 months to 29 July, 2000 was £7,694,000 compared with £8,229,000 for the same period last year. Profits for the first five months had been running at the same level as last year but adverse weather caused a decline in July sales. Margins during the half year were slightly affected through higher year-on-year prices for PET bottles outweighing a reduction in sugar costs arising from the continued strength of Sterling against the Euro. Turnover for the 6 months to July 2000 was £58.2 million which was similar to the comparable period last year. UK sales of Barr brands were in fact up by 2=% but sales of Retailers' Own Labels were substantially down reflecting the cessation of supply of dilutables to this market sector. The year-on-year sales increase of Barr brands in the UK had been running at over 5% up to the end of June but the weather in July - particularly in England - was very disappointing and this of course had an inevitable effect on the whole of the soft drinks industry. Despite the modest advance across the full half year in the turnover of Barr brands in the UK, I am pleased to be able to report that an increase in market share was achieved within the total UK carbonates market due largely to the performance of our leading brand IRN-BRU which achieved a volume increase of just under 6% compared with the first half of last year. Your Directors have declared an interim dividend of 7.35p per share payable on 27 October, 2000 in respect of the year to 27 January, 2001. This is the same rate of interim dividend as was paid last year. Total turnover during the six weeks subsequent to 29 July has been 3=% up compared with the same period last year. Barr brands in the UK have been up 4% while Retailers' Own Labels have been almost level. This improvement in sales performance during August has enabled us to recover the year-on-year shortfall in cumulative profit which had occurred at the half year end. The strength of Sterling against the Euro continues, so far, to maintain the price of sugar at historically advantageous levels but we do face an increase in PET bottle costs this autumn. Fortunately our ongoing work on bottle weight reduction should enable us to counter a substantial part of the increase in the basic PET price. The recent fuel blockades were thankfully terminated before any major difficulties affected our operations but the crisis did create some short-term disruption in the buying patterns of consumers. Despite this half year's results having been adversely affected by the disappointing summer weather in the UK, we continue to see a successful long-term future for our company based on its portfolio of brands and our ongoing investment therein. W. R. G. Barr 26 September 2000 Consolidated Profit and Loss Account Unaudited results for the 6 months ended 29 July, 2000 6 months 6 months Year ended ended ended 29.July 31.July 29.January 2000 1999 2000 £000 £000 £000 Turnover (note 2) 58,162 58,311 109,995 ====== ====== ======= Profit on ordinary activities before interest 7,623 8,334 12,210 Interest (71) 105 114 ----- ------ ------- Profit on ordinary activities before taxation 7,694 8,229 12,096 Taxation (note 3) 2,270 2,310 3,451 ----- ------ ------- Profit on ordinary activities after taxation 5,424 5,919 8,645 ===== ====== ======= Earnings per share on issued share capital (note 4) 27.90p 30.44p 44.46p ====== ====== ======= Basic earnings per share 28.79p 31.61p 45.87p ===== ====== ======= Fully diluted earnings per 27.66p 30.63p 44.31p share ====== ====== ======= Dividend per share 7.35p 7.35p 19.60p ===== ====== ======== Dividend (£000) 1,429 1,429 3,813 ===== ====== ======== Balance Sheet as at 29 July,2000 As at As at As at 29 29 July 31 July January 2000 1999 2000 £000 £000 £000 Fixed assets Tangible assets (note 5) 38,580 40,580 40,384 Investment in associated 100 100 100 undertaking ------ ------ ------ 38,680 40,680 40,484 Current assets Stocks 10,658 9,799 9,027 Debtors 22,781 22,031 14,750 Investment 2,050 2,128 2,228 Cash at bank 7,307 5,442 9,762 ------ ------ ------ 42,796 39,400 35,767 Creditors: Due within one 24,738 26,579 23,025 year ------ ------ ------ Net current assets 18,058 12,821 12,742 ------ ------ ------ Total assets less current 56,738 53,501 53,226 liabilities Creditors: Due after more than one year Hire purchase creditor - 892 304 - 892 304 Provisions for liabilities and charges Deferred credit 693 744 719 Deferred taxation 1,349 1,506 1,502 ------ ------ ------ 2,042 2,250 2,221 ------ ------ ------ 2,042 3,142 2,525 ------ ------ ------ 54,696 50,359 50,701 ====== ====== ====== Capital and reserves Called up share capital 4,861 4,861 4,861 Share premium account 859 859 859 Profit and loss account 48,976 44,639 44,981 ------ ------ ------ 54,696 50,359 50,701 ====== ====== ====== Cash Flow Statement for the 6 months ended 29 July, 2000 6 months 6 months Year ended ended ended 29 29 July 31 July January 2000 1999 2000 £000 £000 £000 Net cash inflow from operating activities(note 1) 3,831 6,604 17,675 Returns on investment and servicing of finance Interest received 128 87 207 Interest paid (7) (91) (152) Interest element of hire (50) (101) (169) purchase paid ------ ----- ------ 71 (105) (114) Taxation Corporation tax paid (1,062) - (3,229) Capital expenditure and financial investment Payments for tangible fixed assets (2,444) (2,714) (4,679) Sale of tangible fixed assets 105 90 525 ------- ------- ------- (2,339) (2,624) (4,154) Dividends paid (2,382) (2,187) (3,616) ------- ------- ------ (1,881) 1,688 6,562 Financing Issue of share capital - 76 76 Capital element of hire (564) (518) (1,061) purchase repaid Loans repaid - (5,053) (5,053) ------- ------- ------- (564) (5,495) (6,038) ------- ------- ------- (Decrease)/increase in cash (2,445) (3,807) 524 ------- ------- ------- Notes to the Cash Flow Statement 1. Net cash inflow from operating activities 6 months 6 months Year ended ended ended 29 July 31 July 29 January 2000 1999 2000 £000 £000 £000 Operating profit 7,623 8,334 12,210 Depreciation 2,785 2,657 5,405 Loss/(gain) on sale of tangible assets 62 14 (242) Government grants written back (26) (27) (52) (Increase)/decrease in stocks (1,631) (203) 569 (Increase)/decrease in debtors (6,735) (5,493) 1,478 Decrease/(increase) in investment 178 73 (483) Increase/(decrease) in creditors 1,575 1,249 (1,217) Pension provision release - - 7 ------ ------ ------- 3,831 6,604 17,675 ====== ====== ======= 2.Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash in the period (2,445) (3,807) 524 Cash outflow from decrease in debt and leasing finance 564 5,571 6,113 ------- ------- ------ Movement in net funds in the period (1,881) 1,764 6,637 Net funds at 29 January, 2000 8,296 1,659 1,659 ------- ------ ------ Net funds at 29 July, 2000 6,415 3,423 8,296 ======= ====== ====== 3. Analysis of changes in net funds At 29 At January Cash 29 July 2000 Flows 2000 £000 £000 £000 Cash in hand and at bank 9,762 (2,455) 7,307 Overdrafts (10) 10 - Hire purchase creditor (1,456) 564 (892) -------- ------ ----- Total 8,296 (1,881) 6,415 ======== ======= ====== Notes to the Accounts 1. Non-statutory accounts These interim financial statements, which have been prepared on the basis of the accounting policies set out in the company's 2000 published accounts, do not constitute statutory accounts and are unaudited. Comparative figures for the year ended 29 January, 2000 have been extracted from the statutory accounts of the company on which the auditors gave an unqualified report and which have been filed with the Registrar of Companies. A copy of this announcement is distributed to all registered shareholders of the company and is available for members of the public upon application to the Company Secretary at 1306 Gallowgate, Glasgow G31 4DS. 2. Turnover The figure for turnover includes exports of £305,000 (1999 - £471,000 ; Year 2000 - £778,000) which are not considered sufficiently significant to warrant allocation to the geographical markets involved. 3. Taxation Corporation tax is provided at the anticipated rate of taxation for the group's current financial period. 4. Earnings per share The calculation is based on the group profit after taxation and the number of ordinary shares of 25p each in issue at 29 July, 2000. 5. Movement in tangible fixed assets 6 months 6 months Year ended ended Ended 29 July 31 July 29 January 2000 1999 2000 £000 £000 £000 Beginning of period 40,384 40,956 40,956 Capital additions 1,148 2,385 5,116 Disposals (167) (104) (283) Depreciation (2,785) (2,657) (5,405) ------- ------- ------- End of period 38,580 40,580 40,384 ======= ======= ========

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