Interim Results

Barr(A.G.) PLC
25 September 2002


25 September 2002
  
                                A.G. BARR p.l.c.

                                INTERIM RESULTS

A.G. Barr p.l.c., the Scottish based manufacturer of soft drinks including the
popular Irn-Bru, Tizer and Orangina, announces its interim results today for the
6 months period ended 27 July 2002.


Key Points

• Profit on ordinary activities before tax of £6.2 million (2001 - £5.7 
  million).

• Interim Dividend of 7.35p in respect of year to January 2003 (2002 - 7.35p).

• Turnover increased 5% to £62.2 million (2001 - £59.4 million).

• Turnover for the seven weeks following 27 July, increase of 4%
  compared to the same period last year.

• Roger White recruited as Managing Director.


Commenting Robin Barr, the Executive Chairman, said:

'The better weather pattern immediately following the half year end has enabled
us to maintain our trading position at the beginning of the second six months
but the market place remains very competitive.  We intend however, to continue
progress during the remainder of this financial year with the development of our
Irn-Bru brand in England and Wales.'


For further information:

A.G. Barr
Robin Barr, Chairman or
Iain Greenock, Finance Director                      Tel: [phone]

Buchanan Communications:
Tim Thompson/Nicola Cronk                            Tel: [phone]




A.G. BARR p.l.c.
Chairman's Statement

Profit on ordinary activities before taxation for the 6 months to 27 July, 2002
was £6.2 million compared with £5.7 million for the same period last year.

This improvement, while of course welcome, was a little disappointing given the
special factors which affected the results of the half year to July 2001 and
which had led us to expect a bigger uplift in profit than we actually obtained.
Against that the weather pattern experienced across the U.K. during the
important sales months of May, June and July has been widely reported as the
worst for many years and this had its inevitable effect on the soft drinks
industry.

Competitive pressures in the market place have remained intense and the
continuing high value of Sterling has meant that the U.K. franchise bottlers of
international brands remain under threat from imports of these brands of foreign
manufacture with a consequential effect on U.K. pricing. Costs of production
were modestly down on the same period last year with a small rise in the price
of sugar being covered by a reduction in packaging costs.

Turnover for the 6 months to July 2002 was £62.2 million, an increase
approaching 5%. Given the very  disappointing weather during the peak selling
months this was a satisfactory performance and was substantially due to the
success of our promotional activities for our Irn-Bru brand in England and
Wales. These commenced earlier in this financial year than had been the case in
the previous year.

The substantial increase in our export turnover compared with the same period
last year reflected the start-up of Pepsi Bottling Group as our new franchise
bottler for Irn-Bru in Russia and we have been very encouraged by the much wider
distribution which they have already achieved for our brand.

Your directors have declared an interim dividend of 7.35p per share payable on
25th  October, 2002 in respect of the year to January 2003. This is the same
rate of interim dividend as was paid last year.

Turnover for the seven weeks subsequent to 27 July has been 4% up compared with
the same period last year, reflecting the arrival of more normal summer weather
during August.

We do not expect our major costs to vary substantially during the second half of
the year but neither can we foresee any hardening of prices in the market place.

As intimated in our announcement to the Stock Exchange in June Roger White,
recently Commercial Director of British Bakeries, has been recruited as Managing
Director and I am very pleased to welcome him to our company.

The better weather pattern immediately following the half year end has enabled
us to maintain our trading position at the beginning of the second six months
but, as advised above, the market place remains very competitive. We intend
however to continue progress during the remainder of this financial year with
the development of our Irn-Bru brand in England and Wales.



Robin Barr, Chairman                                         25 September, 2002




A.G. BARR p.l.c.
Consolidated Profit and Loss Account

                                                             6 months     6 months         Year
                                                                ended        ended        ended
                                                             27.07.02     28.07.01     26.01.02   
                                                                 £000         £000         £000

                 Turnover (note 2)                           62,216         59,412      116,261

                 Operating profit                             6,038          5,561       10,487
                 Interest                                       137            162          253

                 Profit on ordinary activities before         
                 taxation                                     6,175          5,723       10,740
                 Taxation (note 3)                            1,817          1,743        3,254

                 Profit on ordinary activities after          
                 taxation                                     4,358          3,980        7,486


No separate Statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the Consolidated Profit and
Loss Account.


Earnings per share on issued share capital (note 4)           22.39p         20.45p       38.47p
                                                             
Basic earnings per share                                      23.21p         21.20p       39.90p

Fully diluted earnings per share                              21.98p         20.00p       37.97p

Dividend per share                                             7.35p          7.35p       21.60p

Dividend (£000)                                               1,430          1,429        4,202

Record date:                                     4 October, 2002
Ex-div date:                                     2 October, 2002
Payment date of dividend:                       25 October, 2002




A.G. BARR p.l.c.
Consolidated Balance Sheet

                                                             As at           As at           As at
                                                          27.07.02        28.07.01        26.01.02
                                                              £000            £000            £000
                Fixed assets
                Tangible assets (note 5)                    42,711          41,893          42,580
                Investment in associated undertaking             -             100               -
                                                            42,711          41,993          42,580

                Current assets
                Stocks                                      11,083          12,568          11,536
                Debtors                                     23,074          23,780          21,078
                Investment                                   2,609           2,646           2,623
                Cash at bank                                10,013           6,313           8,265
                                                            46,779          45,307          43,502
                Creditors: Due within one year              24,607          26,377          24,113
                Net current assets                          22,172          18,930          19,389
                Total assets less current                   
                liabilities                                 64,883          60,923          61,969

                Provisions for liabilities and
                charges                                        640             651             645
                Deferred credit                              4,922           4,662           4,931
                Deferred taxation                            5,562           5,313           5,576
                                                            59,321          55,610          56,393

                Capital and reserves
                Called up share capital                      4,865           4,861           4,865
                Share premium account                          905             859             905
                Profit and loss account                     53,551          49,890          50,623
                                                            59,321          55,610          56,393





A.G. BARR p.l.c.
Notes to the Consolidated 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 2002 published accounts, do not
constitute statutory accounts and are unaudited.  Comparative figures for the
year ended 26 January, 2002 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 and on our corporate
website at www.agbarr.co.uk

2. Turnover

The figure for turnover includes exports of £380,000 (2001 - £155,000 ; Year
2002 - £345,000).

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 numbers of
ordinary shares of 25p each in issue at 27 July, 2002.

5. Movement in tangible fixed assets                       6 months          6 months               Year
                                                              ended             ended              ended
                                                           27.07.02          28.07.01           26.01.02
                                                               £000              £000               £000

Beginning of period                                          42,580            39,102             39,102
Additions                                                     3,316             6,104              9,864
Disposals                                                     (227)             (245)              (397)
Depreciation                                                (2,958)           (3,068)            (5,989)

End of period                                                42,711            41,893             42,580





A.G. BARR p.l.c.
Consolidated Cash Flow Statement

                                                            6 months          6 months               Year
                                                               ended             ended              ended
                                                            27.07.02          28.07.01           26.01.02
                                                                £000              £000               £000

Net cash inflow from operating activities (note 1)            8,407              2,302             12,989

Returns on investment and servicing of finance
Interest received                                               142                176                268
Interest paid                                                   (5)               (10)               (11)
Interest element of hire purchase paid                            -                (4)                (4)
                                                                137                162                253

Taxation
Corporation tax paid                                        (1,304)            (1,676)            (4,181)

Capital expenditure and financial investment
Purchase of tangible fixed assets                           (2,733)            (2,728)            (7,750)
Sale of tangible fixed assets                                   191                130                258
                                                            (2,542)            (2,598)            (7,492)

Acquisitions and disposals
Investment in subsidiary                                          -                  -              (105)
Net overdraft acquired with subsidiary                            -                  -               (90)
                                                                  -                  -              (195)

Dividends paid                                              (2,773)            (2,771)            (4,200)

Cash inflow/(outflow) before financing                        1,925            (4,581)            (2,826)

Financing
Capital element of hire purchase repaid                           -              (304)              (284)

Increase/(decrease) in cash                                   1,925            (4,885)            (3,110)





A.G. BARR p.l.c.
Notes to the Consolidated Cash Flow Statement


1. Net cash inflow from operating activities            6 months          6 months              Year
                                                           ended             ended             ended
                                                        27.07.02          28.07.01          26.01.02
                                                            £000              £000              £000

Operating profit                                           6,038             5,561            10,487
Depreciation                                               2,958             3,068             5,989
Loss on sale of tangible assets                               36               115               139
Government grants written back                               (4)              (15)              (22)
Decrease/(increase) in stocks                                452           (1,768)             (662)
(Increase) in debtors                                    (2,750)           (6,422)           (2,752)
Decrease/(increase) in investment                             14             (147)             (124)
Increase/(decrease) in creditors                           1,662             1,910              (73)
Pension provision release                                      1                 -                 7
                                                           8,407             2,302            12,989


2. Reconciliation of net cash flow to movement in net funds

Increase/(decrease) in cash in the period                 1,925           (4,885)           (3,110)
Cash outflow from decrease in debt and leasing                
finance                                                       -               304               334
Movement in net funds in the period                       1,925           (4,581)           (2,776)
Loan acquired with subsidiary                                 -                 -              (30)
Net funds at 26 January, 2002                             8,088            10,894            10,894
Net funds at 27 July, 2002                               10,013             6,313             8,088



3. Analysis of changes in net funds                 At 26.01.02              Cash                At
                                                                            Flows          27.07.02
                                                           £000              £000              £000

Cash in hand and at bank                                  8,265             1,748            10,013
Overdrafts                                                (177)               177                 -

Total                                                     8,088             1,925            10,013




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