Interim Results

Summary by AI ^BETAClose X

A.G. Barr reported strong interim results for the 26 weeks ended July 26, 2025, with revenue increasing by 3.1% to £228.1m. The Soft Drinks revenue was up 3.3%, driven by double-digit growth in Boost. Adjusted profit before tax rose by 20.1% to £35.2m, and the adjusted operating margin increased by 200 bps to 15.0%. Adjusted EPS (basic) increased by 25.4% to 24.90p. The company acquired a 50.1% stake in Innate-Essence Ltd in July 2025 and completed the sale of Strathmore. Net cash at bank stood at £41.3m. The interim dividend was raised by 11.0% to 3.44 pence per share. Full-year profit expectations have been reconfirmed.

Disclaimer*

Companies

Barr (A.G.) (BAG)

UK 100

Latest directors dealings

39 minutes ago Diageo
45 minutes ago IMI
1 hour ago Softcat
4 hours ago Tertiary Minerals
4 hours ago Hargreaves Services

All directors dealings today

	Revenue	Change vs H1 2024/25
Soft drinks	£201.0m	3.3%
Cocktail solutions	£20.0m	(5.2%)
Other	£7.1m	26.8%

Consolidated Condensed Income Statement
		Unaudited	Unaudited	Audited
		Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
	Note	£m	£m	£m
Revenue	6	228.1	221.3	420.4
Cost of sales		(131.8)	(132.2)	(256.1)
Gross profit	6	96.3	89.1	164.3
Operating expenses		(62.1)	(64.8)	(112.6)
Operating profit	8	34.2	24.3	51.7
Finance income	9	1.1	0.8	2.0
Finance costs	9	(0.1)	(0.2)	(0.5)
Profit before tax		35.2	24.9	53.2
Tax on profit	10	(7.7)	(6.2)	(13.5)
Profit for the period		27.5	18.7	39.7
Attributable to:
Equity shareholders of the parent Company		27.7	18.7	39.7
Non-controlling interests	14	(0.2)	-	-
Earnings per share (pence)
Basic earnings per share	11	24.90	16.88	35.81
Diluted earnings per share	11	24.61	16.72	35.43

Consolidated Condensed Statement of Comprehensive Income
	Unaudited	Unaudited	Audited
	Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
	£m	£m	£m
Profit for the period	27.5	18.7	39.7
Other comprehensive (expense)/income
Items that will not be reclassified to profit or loss
Remeasurements on defined benefit pension plans (Note 17)	(7.2)	-	0.1
Deferred tax movements on items above	1.8	-	1.5
Items that will be or have been reclassified to profit or loss
Gain/loss arising on cash flow hedges during the period	0.5	(0.6)	0.1
Deferred tax movements on items above	(0.1)	0.2	-
Other comprehensive (expense)/income for the period, net of tax	(5.0)	(0.4)	1.7
Total comprehensive income for the period	22.5	18.3	41.4
Attributable to:
Equity shareholders of the parent Company	22.7	18.3	41.4
Non-controlling interests	(0.2)	-	-

Consolidated Condensed Statement of Financial Position
		Unaudited	Unaudited	Audited
		As at 26 July 2025	As at 27 July 2024	As at 25 January 2025
	Note	£m	£m	£m
Non-current assets
Intangible assets	13	151.1	129.9	129.2
Property, plant and equipment		122.8	107.8	118.0
Right-of-use assets		4.7	4.6	5.0
Retirement benefit surplus	17	1.1	6.2	6.8
		279.7	248.5	259.0
Current assets
Inventories		37.4	35.6	31.7
Trade and other receivables		113.3	94.1	76.8
Assets classified as held for sale		0.6	2.1	0.9
Derivative financial instruments	15	0.5	-	0.2
Current tax asset		0.7	0.2	0.4
Short-term investments		15.0	32.5	42.5
Cash and cash equivalents		26.3	17.3	21.4
		193.8	181.8	173.9
Total assets		473.5	430.3	432.9
Current liabilities
Trade and other payables		95.9	86.9	73.2
Loans and other borrowings	16	0.1	6.1	-
Derivative financial instruments	15	0.1	0.5	0.3
Lease liabilities	16	1.9	1.7	1.8
Provisions		1.0	2.0	1.1
		99.0	97.2	76.4
Non-current liabilities
Deferred tax liabilities		39.9	33.0	36.0
Loans and other borrowings	16	0.2	-	-
Lease liabilities	16	2.7	2.6	2.8
Derivative financial instruments	15	-	0.1	0.1
Contingent consideration	14	2.0	-	-
		44.8	35.7	38.9
Capital and reserves
Share capital		4.7	4.7	4.7
Share premium account		0.9	0.9	0.9
Share options reserve		3.2	3.1	3.6
Other reserves		0.4	(0.5)	-
Retained earnings		312.7	289.2	308.4
Total shareholder equity		321.9	297.4	317.6
Non-controlling interest in equity	14	7.8	-	-
Total equity and liabilities		473.5	430.3	432.9

Consolidated Condensed Statement of Changes in Equity (Unaudited)
	Share capital	Share premium account	Share options reserve	Other reserves	Retained earnings	Total	Non-controlling interests	Total
	£m	£m	£m	£m	£m	£m	£m	£m
At 25 January 2025	4.7	0.9	3.6	-	308.4	317.6	-	317.6
Profit/(loss) for the period	-	-	-	-	27.7	27.7	(0.2)	27.5
Other comprehensive income/(expense)	-	-	-	0.4	(5.4)	(5.0)	-	(5.0)
Total comprehensive income/(expense) for the period	-	-	-	0.4	22.3	22.7	(0.2)	22.5
Company shares purchased for use by employee benefit trusts	-	-	-	-	(4.9)	(4.9)	-	(4.9)
Proceeds on disposal of shares by employee benefit trusts	-	-	-	-	0.4	0.4	-	0.4
Recognition of share-based payment costs	-	-	1.2	-	-	1.2	-	1.2
Transfer of reserve on share award	-	-	(1.8)	-	1.8	-	-	-
Deferred tax on items taken direct to reserves	-	-	0.2	-	-	0.2	-	0.2
Recognition of non-controlling interests (Note 14)	-	-	-	-	-	-	8.0	8.0
Dividends paid	-	-	-	-	(15.3)	(15.3)	-	(15.3)
At 26 July 2025	4.7	0.9	3.2	0.4	312.7	321.9	7.8	329.7

Consolidated Condensed Cash Flow Statement
	Unaudited	Unaudited	Audited
	Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
	£m	£m	£m
Operating activities
Profit for the period before tax	35.2	24.9	53.2
Adjustments for:
Interest receivable	(1.1)	(0.8)	(2.0)
Interest payable	0.1	0.2	0.5
Depreciation of property, plant and equipment	5.7	5.8	11.0
Amortisation of intangible assets	0.4	0.5	1.2
Share-based payment costs	1.2	1.4	2.4
Lease modification	(0.5)	-	-
Impairment of assets classified as held for sale	-	1.1	1.6
Gain on sale of property, plant and equipment	(0.6)	(0.1)	(0.3)
Operating cash flows before movements in working capital	40.4	33.0	67.6
(Increase)/decrease in inventories	(4.8)	0.9	4.8
Increase in receivables	(35.9)	(30.3)	(13.0)
Increase in payables	22.7	18.5	1.5
Difference between employer pension contributions and amounts recognised in the income statement	(1.3)	(2.9)	(3.3)
Cash generated by operations	21.1	19.2	57.6
Tax paid	(5.4)	(6.2)	(9.3)
Net cash from operating activities	15.7	13.0	48.3
Investing activities
Acquisition of subsidiary	(14.7)	-	-
Cash acquired on acquisition of subsidiary	6.1	-	-
Purchase of property, plant and equipment	(11.0)	(7.4)	(19.2)
Proceeds on sale of property, plant and equipment	2.3	0.2	1.0
Funds placed on fixed term deposit	(45.0)	(37.5)	(90.5)
Funds returned from fixed term deposit	72.5	25.0	68.0
Interest received	1.2	0.5	1.4
Net cash from/(used in) investing activities	11.4	(19.2)	(39.3)
Financing activities
Loans drawn	10.0	-	-
Loans repaid	(11.3)	-	-
Lease payments	(1.0)	(1.1)	(2.1)
Purchase of Company shares by employee benefit trusts	(4.9)	(1.9)	(2.7)
Proceeds from disposal of Company shares by employee benefit trusts	0.4	0.7	1.0
Dividends paid	(15.3)	(13.8)	(17.2)
Interest paid	(0.1)	(0.1)	(0.2)
Net cash used in financing activities	(22.2)	(16.2)	(21.2)
Net increase/(decrease) in cash and cash equivalents	4.9	(22.4)	(12.2)
Cash and cash equivalents at beginning of period	21.4	33.6	33.6
Cash and cash equivalents at end of period	26.3	11.2	21.4
Cash and cash equivalents per the cash flow statement comprises cash and cash equivalents per the statement of financial position of £26.3m (27 July 2024: cash and cash equivalents of £17.3m, net of bank overdrafts of £6.1m; 25 January 2025 cash and cash equivalents of £21.4m).

Notes to the Consolidated Condensed Financial Statements
1	General information
	A.G. BARR p.l.c. (the "Company") and its subsidiaries (together the "Group") manufacture, distribute and sell a range of beverages. The Group has manufacturing sites in the UK and sells mainly to customers in the UK with some international sales. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in Scotland. The address of its registered office is Westfield House, 4 Mollins Road, Cumbernauld, G68 9HD. This consolidated condensed interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 25 January 2025 were approved by the Board of Directors on 25 March 2025 and delivered to the Registrar of Companies. The comparative figures for the financial year ended 25 January 2025 are an extract of the Company's statutory accounts for that year. The report of the auditor on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 (2) or (3) of the Companies Act 2006. This consolidated condensed interim financial information is unaudited but has been reviewed by the Company's Auditor.
2	Basis of preparation
	This consolidated condensed interim financial information for the 26 weeks ended 26 July 2025 has been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. The interim report does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 25 January 2025, which has been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006.
	Going concern basis
	The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks. There has been no further update to the assessment undertaken in the year ended 25 January 2025, which remains valid. This reviewed a number of severe but plausible downside scenarios that could impact the business (both individually and cumulatively) over the period until January 2031. These scenarios include a major brand issue which impacts reputation and consumer purchasing, worse than expected UK DRS impact, a cyber-attack and a global pandemic. In each scenario the Group continues to be cash generative throughout the forecast horizon, resulting in our liquidity headroom being maintained. The most significant potential financial impact would be due to a significant reduction in sales. The revenue and operational leverage impact of such a volume loss would have a negative impact on Group profitability, however the scenario modelling would indicate that the Group would maintain sufficient liquidity headroom without utilising the existing facilities or breaching the financial covenants of the revolving credit facility over the next 12 months. We would anticipate a recovery in the following years with confidence that the Group can remain profitable and cash-generative through prolonged disruption and fully recover after such events. The Group has £20m of committed, unutilised revolving credit facilities providing the business with a secure funding platform. The facility expires in February 2026 and we currently have no plans to renew it. The directors believe the Group could access short-term credit facilities if needed. The Group continues to utilise a £15m overdraft agreement to support intra-month working capital requirements and maximise cash deposit interest. Throughout these severe but plausible downside scenarios, the Group continues to have significant liquidity headroom on existing facilities and against the revolving credit facilities financial covenants. The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group and parent Company will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated condensed financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
3	Accounting policies
	New standards and interpretations applied for the first time
	There are no accounting standards or interpretations which have become effective from 26 January 2025 that have a significant impact on the Group's interim condensed consolidated financial statements. The consolidated condensed interim financial information has been prepared in accordance with the Group's most recent annual financial statements for the year ended 25 January 2025.
	Estimation uncertainty
	Business combinations
	Management use various valuation techniques when determining the fair value of certain assets and liabilities acquired in a business combination. In particular, the fair value of contingent consideration is dependent on a number of variables including the acquirees' future profitability (Note 14).
4	Principal risks and uncertainties
	The directors consider that the following principal risks and uncertainties could have a material impact on the Group's performance in the balance of the financial year. Further detail can be found on pages 55 - 62 of the Group's annual financial statements as at 25 January 2025, which are available on our website, www.agbarr.co.uk. - Changes in consumer preferences, perception or purchasing behaviour - Consumer rejection of reformulated products - Loss of product integrity - Loss of continuity of supply of major raw materials - Adverse publicity in relation to the soft drinks industry, the Group or its brands - Government intervention on climate change and environmental issues e.g. packaging waste - Failure to maintain customer relationships or take account of changing market dynamics - Inability to protect the Group's intellectual property rights - Failure of the Group's operational infrastructure - Failure of critical IT systems or a breach of cyber security - Financial risks - Environmental Social and Governance (ESG) risks The Group has reviewed its exposure to climate-related and other emerging business risks but has not identified any specific risks that would impact the financial performance or position of the Group at 26 July 2025.
5	Financial risk management and financial instruments
	The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk and price risk), credit risk and liquidity risk. The condensed interim financial statements should be read in conjunction with the Group's annual financial statements as at 25 January 2025 as they do not include all financial risk management information and disclosures contained within the annual financial statements. There have been no changes in the risk management policies since the year end.
6	Segment reporting
	The Board and senior executives have been identified as the Group's chief operating decision-makers, who review the Group's internal reporting in order to assess performance and allocate resources.
	The performance of the operating segments is assessed by reference to their gross profit.
	Unaudited Six months ended 26 July 2025
			Soft drinks		Cocktail solutions			Other		Total
			£m		£m			£m		£m
	Total revenue		201.0		20.0			7.1		228.1
	Gross profit		85.9		8.0			2.4		96.3
	Unaudited Six months ended 27 July 2024
				Soft drinks		Cocktail solutions		Other			Total
				£m		£m		£m			£m
	Total revenue			194.6		21.1		5.6			221.3
	Gross profit			79.5		7.8		1.8			89.1
	Audited Year ended 25 January 2025
				Soft drinks		Cocktail solutions		Other			Total
				£m		£m		£m			£m
	Total revenue			368.8		40.3		11.3			420.4
	Gross profit			145.9		14.8		3.6			164.3
	There are no material intersegment sales. All revenue is in relation to product sales, which is recognised at a point in time, upon delivery to the customer. All of the assets and liabilities of the Group are managed on a central basis rather than at a segment level. As a result, no reconciliations of segment assets and liabilities to the consolidated condensed statement of financial position has been disclosed for any of the periods presented. Included in revenues arising from the above segments are revenues of approximately £40.3m which arose from sales to the Group's largest customer. In the year ended 25 January 2025 and six months ended 27 July 2024, revenues of approximately £78.0m and £39.0m respectively arose from sales to the Group's largest customer. No other single customer contributed ten per cent or more to the Group's revenue in the comparative period to July 2024 or January 2025. All of the segments included within the three categories meet the aggregation criteria set out in IFRS 8 Operating Segments.
7	Seasonality of operations
	Revenues and reported profits are affected by weather conditions, cost inflation, the timing of marketing and promotional investment and innovation launches. It is anticipated that reported profits for the second half of the year to 31 January 2026 are expected to be lower than those for the 26 weeks ended 26 July 2025.
8	Operating profit
	The following items have been charged/(credited) to operating profit during the period:
		Unaudited			Unaudited				Audited
		Six months ended 26 July 2025			Six months ended 27 July 2024				Year ended 25 January 2025
		£m			£m				£m
	Business change projects	-			4.4				-
	Provision for business reorganisation	0.2			0.7				-
	Gain on sale of property, plant and equipment	(0.6)			(0.1)				(0.3)
9	Net finance costs
						Unaudited	Unaudited				Audited
						Six months ended 26 July 2025	Six months ended 27 July 2024				Year ended 25 January 2025
	Finance income					£m	£m				£m
	Interest receivable on short-term deposits					0.9	0.7				1.8
	Finance costs relating to defined benefit pension plans					0.2	0.1				0.2
						1.1	0.8				2.0
	Finance costs					£m	£m				£m
	Interest payable					-	0.1				0.3
	Lease interest					0.1	0.1				0.2
						0.1	0.2				0.5

10	Tax on profit
	The interim period total tax charge of £7.7m (six months ended 27 July 2024: £6.2m; year ended 25 January 2025: £13.5m) is accrued based on the estimated annual effective tax rate of 21.9% (six months ended 27 July 2024: 24.9%; year ended 25 January 2025: 25.4%). The effective tax rate is calculated using the forecast year end effective corporation tax rate and the movement in deferred tax to 26 July 2025. The effective tax rate has reduced in the six months ended 26 July 2025 compared to the year ended 25 January 2025 primarily due to the timing of the Strathmore disposal.
		Unaudited	Unaudited	Audited
		Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
	Analysis of tax charge	£m	£m	£m
	Current income tax charge	5.2	5.3	8.2
	Deferred income tax charge	2.5	0.9	5.3
	Total tax charge in the consolidated condensed income statement	7.7	6.2	13.5

11	Earnings per share
	Basic earnings per share has been calculated by dividing the earnings attributable to equity holders of the parent company by the weighted average number of shares in issue during the period, excluding shares held by the employee share scheme trusts.
		Unaudited	Unaudited	Audited
		Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
	Profit attributable to equity holders of the Company (£m)	27.7	18.7	39.7
	Weighted average number of ordinary shares in issue	111,253,659	110,797,643	110,874,571
	Basic earnings per share (pence)	24.90	16.88	35.81
	For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the period. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
		Unaudited	Unaudited	Audited
		Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
	Profit attributable to equity holders of the Company (£m)	27.7	18.7	39.7
	Weighted average number of ordinary shares in issue	111,253,659	110,797,643	110,874,571
	Adjustment for dilutive effect of share options	1,306,179	1,047,922	1,175,898
	Diluted weighted average number of ordinary shares in issue	112,559,838	111,845,565	112,050,469
	Diluted earnings per share (pence)	24.61	16.72	35.43

12	Dividends
		Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025	Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
		per share (p)	per share (p)	per share (p)	£m	£m	£m
	Paid final dividend	13.76	12.40	12.40	15.3	13.8	13.8
	Paid interim dividend	-	-	3.10	-	-	3.4
		13.76	12.40	15.50	15.3	13.8	17.2
	An interim dividend of 3.44 pence per share was approved by the Board on 30 September 2025 and will be paid on 7 November 2025 to shareholders on the register as of 10 October 2025.

13	Intangible assets
			Goodwill		Brands	Customer relationships	Water rights		Others	Total
			£m		£m	£m	£m		£m	£m
	Cost
	At 28 January 2024		45.2		94.4	3.9	0.7		11.8	156.0
	Additions		-		-	-	-		-	-
	At 27 July 2024 and 25 January 2025		45.2		94.4	3.9	0.7		11.8	156.0
	Additions		8.7		13.4	-	-		-	22.1
	Acquired on acquisition		-		-	-	-		0.2	0.2
	At 26 July 2025		53.9		107.8	3.9	0.7		12.0	178.3
	Amortisation
	At 27 July 2024		3.6		7.3	3.9	0.7		10.6	26.1
	Amortisation for the period		-		-	-	-		0.7	0.7
	At 25 January 2025		3.6		7.3	3.9	0.7		11.3	26.8
	Amortisation for the period		-		-	-	-		0.4	0.4
	At 26 July 2025		3.6		7.3	3.9	0.7		11.7	27.2
	Carrying amounts
	At 26 July 2025		50.3		100.5	-	-		0.3	151.1
	At 25 January 2025		41.6		87.1	-	-		0.5	129.2
	At 27 July 2024		41.6		87.1	-	-		1.2	129.9
	In July 2025, the Group acquired a 50.1% interest in Innate-Essence Ltd. Details of brand, goodwill and other intangibles recognised on acquisition are included in (Note 14).
	The remaining goodwill and brands recognised relate primarily to the acquisition of Rio Tropical Limited, Boost Drinks Limited, MOMA Foods Ltd, Rubicon Drinks Limited and FUNKIN Limited. Others includes the software development costs from internally generated software development and third-party consultancy costs in relation to the Business Process Redesign project implemented in 2015.
14	Business combinations
	On 7 July 2025, the Group acquired 50.1% of the share capital of Innate-Essence Ltd ("Innate"), a functional drinks business, specialising in health and wellness-led innovation. The primary reason for this acquisition was to diversify into high growth segments, in this case functional beverages. In the period from acquisition to 26 July 2025, Innate contributed revenue of £0.8m and an operating loss of £0.4m to the Group's results. Had Innate been consolidated from 26 January 2025, it would have contributed revenue of £5m to the Group and a £1.4m loss. The acquisition consideration and provisional fair value of identifiable assets and liabilities of Innate at the date of acquisition were:
										£m
	Intangible assets									0.2
	Property, plant and equipment									1.1
	Deferred tax asset									0.2
	Right-of-use assets									0.7
	Cash and cash equivalents									6.1
	Trade and other receivables									0.6
	Inventories									0.9
	Trade and other payables									(1.4)
	Loans and other borrowings									(1.6)
	Lease liabilities									(0.8)
	Provisions									(0.1)
	Brand - acquisition intangible									13.4
	Deferred tax on acquisition intangibles									(3.3)
	Total identifiable net assets acquired									16.0
	Goodwill									8.7
	Value on acquisition									24.7
	Attributable to:									£m
	Equity shareholders of the parent Company									16.7
	Non-controlling interests									8.0
	Represented by:									£m
	Cash consideration paid									14.7
	Contingent consideration									2.0
	Total consideration									16.7
	Contingent consideration
	The Group has agreed to pay the former owners of Innate a contingent consideration based on achievement of certain financial targets by Innate in the period from 1 April 2026 to 31 March 2028. The potential undiscounted amount of all future payments that the Group could make under the acquisition agreement is between £nil and £16m. The fair value of the contingent consideration arrangement of £2m was estimated by assessing the expected growth of Innate over the two years period. No discount rate has been applied to the fair value estimate of the contingent consideration as due to the short time period the effect of discounting has a negligible effect on the fair value. If revenues increased by an additional 10% per annum over the earn out period an additional £1.3m consideration would be payable. if revenues are 10% lower than plan per annum, consideration would reduce by £0.3m. The fair value of the acquired identifiable intangible assets of £16.0m, is provisional pending receipt of the final valuations for those assets. A deferred tax liability of £3.3m has been provided in relation to these fair value adjustments in relation to intangible assets.
	Acquisition-related costs
	The Group incurred acquisition-related costs of £0.5m relating to external legal fees and due diligence costs. These costs have been included in operating costs in the consolidated condensed income statement. None of the goodwill arising on the acquisition is expected to be deductible for tax purposes. The Goodwill of £8.7m relates to the expectation of continued high growth in Innate through its participation in the functional beverages category.
15	Financial instruments
	Current assets of £0.5m (at 27 July 2024: £nil and 25 January 2025: £0.2m) relate to forward foreign currency contracts with a maturity of less than 12 months and are recognised at fair value through the cash flow hedge reserve, included within other reserves. Current liabilities of £0.1m (at 27 July 2024: £0.5m and 25 January 2025: £0.3m) relate to forward foreign currency contracts with a maturity of less than 12 months and are recognised at fair value through the cash flow hedge reserve, included within other reserves. Non-current liabilities of £nil (at 27 July 2024 and 25 January 2025: £0.1m) relate to forward foreign currency contracts with a maturity of more than 12 months and are recognised at fair value through the cash flow hedge reserve, included within other reserves.
	Fair value hierarchy
	Fair value hierarchies 1 to 3 are based on the degree to which fair value is observable: - Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities - Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) - Level 3: inputs for the asset or liability that are not based on observable market data All financial instruments carried at fair value are Level 2 with the exception of contingent consideration which is measured at Level 3. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the Level 2 input, forward foreign exchange contracts, is determined using forward exchange rates at the date of the consolidated condensed statement of financial position, with the resulting value discounted accordingly as relevant. As disclosed in Note 14, the Group acquired Innate-Essence Limited ("Innate") during the period and has agreed to pay the former owners a contingent consideration based on achievement of certain financial targets in the period from 1 April 2026 to 31 March 2028. The value of this Level 3 input is determined by assessing the expected growth of Innate over the two-year period. No discount rate has been applied to the fair value estimate of the contingent consideration as due to the short time period the effect of discounting has a negligible effect on the fair value. Significant unobservable inputs are based on revenue and profits achieved by Innate over the two-year period.
	Fair values of financial assets and financial liabilities
	The following table shows the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
		Carrying amount
	Unaudited	Fair value - hedging instruments		Other financial assets at amortised cost		Other financial liabilities designated at fair value		Other financial liabilities at amortised cost			Total
	At 26 July 2025	£m		£m		£m		£m			£m
	Financial assets - Current
	Foreign exchange contracts used for hedging	0.5		-		-		-			0.5
	Trade receivables	-		110.2		-		-			110.2
	Short-term investments	-		15.0		-		-			15.0
	Cash and cash equivalents	-		26.3		-		-			26.3
		0.5		151.5		-		-			152.0
	Financial liabilities - Non-current
	Contingent consideration	-		-		2.0		-			2.0
	Loans and borrowings	-		-		-		0.2			0.2
	Lease liabilities	-		-		-		2.7			2.7
		-		-		2.0		2.9			4.9
	Financial liabilities - Current
	Loans and borrowings	-		-		-		0.1			0.1
	Foreign exchange contracts used for hedging	0.1		-		-		-			0.1
	Lease liabilities	-		-		-		1.9			1.9
	Accruals	-		-		-		41.9			41.9
	Trade payables	-		-		-		46.1			46.1
		0.1		-		-		90.0			90.1

16	Loans and other borrowings
	Movements in borrowings are analysed as follows:
		Unaudited	Unaudited	Audited
		Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
		£m	£m	£m
	Opening borrowings balance	4.6	4.9	4.9
	Net lease movements	(0.8)	(0.6)	(0.3)
	Borrowings drawn-down	10.0	6.1	-
	Borrowings acquired	1.6	-	-
	Leases acquired	0.8	-	-
	Repayments of borrowings	(11.3)	-	-
	Closing borrowings balance	4.9	10.4	4.6
	The reconciliation of the above closing borrowings balance to the figures on the face of the consolidated condensed statement of financial position is as follows:
		Unaudited	Unaudited	Audited
		As at 26 July 2025	As at 27 July 2024	As at 25 January 2025
		£m	£m	£m
	Loans and borrowings	0.3	6.1	-
	Lease liabilities	4.6	4.3	4.6
	Total loans and borrowings	4.9	10.4	4.6
	Disclosed as:
	Current liabilities
	Loans and borrowings	0.1	6.1	-
	Lease liabilities	1.9	1.7	1.8
		2.0	7.8	1.8
	Non-current liabilities
	Loans and borrowings	0.2	-	-
	Lease liabilities	2.7	2.6	2.8
		2.9	2.6	2.8
	The reconciliation to net funds is as follows:
		Unaudited	Unaudited	Audited
		As at 26 July 2025	As at 27 July 2024	As at 25 January 2025
		£m	£m	£m
	Closing borrowings balance	(4.9)	(10.4)	(4.6)
	Short-term investments	15.0	32.5	42.5
	Cash and cash equivalents	26.3	17.3	21.4
	Net funds	36.4	39.4	59.3
	In July 2024, the Group agreed a £15m overdraft facility with the Royal Bank of Scotland to support intra-month working capital requirements and maximise cash deposit interest. On the acquisition of Innate, the Group acquired £1.6m of loans and borrowings (see Note 14). £1.3m of these facilities have since been repaid leaving a balance outstanding as at 26 July 2025 of £0.3m. The drawn/undrawn facilities at 26 July 2025 are as follows:
		Total facility	Drawn	Undrawn
		£m	£m	£m
	Revolving credit facility - five years, expires February 2026	20.0	-	20.0
	Overdraft facility	15.0	-	15.0
	Other loan facilities	0.6	0.3	0.3
		35.6	0.3	35.3

17	Retirement benefit obligations
	On 1 May 2016 the A.G. BARR p.l.c. (2008) Pension and Life Assurance Scheme was closed to future accrual following a negotiated agreement between the Company and the board of trustees. The defined retirement benefit scheme had a surplus of £1.1m as at 26 July 2025 (surplus as at 27 July 2024: £6.2m; surplus as at 25 January 2025: £6.8m). The reconciliation of the closing surplus is as follows:
		Unaudited	Unaudited	Audited
		Six months ended 26 July 2025	Six months ended 27 July 2024	Year ended 25 January 2025
		£m	£m	£m
	Opening present value of obligation	(65.7)	(69.3)	(69.3)
	Interest expense	(1.8)	(1.6)	(3.3)
	Remeasurement - changes in financial assumptions	2.0	(0.5)	3.0
	Benefits paid	1.9	1.7	3.9
	Closing present value of obligation	(63.6)	(69.7)	(65.7)
	Opening fair value of plan assets	72.5	72.5	72.5
	Interest income	2.0	1.7	3.5
	Remeasurement - actuarial return on assets	(9.2)	0.5	(2.9)
	Employer contributions	1.3	2.9	3.3
	Benefits paid	(1.9)	(1.7)	(3.9)
	Closing fair value of plan assets	64.7	75.9	72.5
		As at 26 July 2025	As at 27 July 2024	As at 25 January 2025
		£m	£m	£m
	Present value of funded obligations	(63.6)	(69.7)	(65.7)
	Fair value of plan assets	64.7	75.9	72.5
	Surplus recognised under IAS 19	1.1	6.2	6.8
	The key financial assumptions used to value the liabilities were as follows:
		As at 26 July 2025	As at 27 July 2024	As at 25 January 2025
		%	%	%
	Discount rate	5.8	5.1	5.5
	Inflation assumption	3.0	3.2	3.2
	The Board of Pension Trustee have taken a number of steps to control the level of investment risk within the 2008 Pension Scheme. In prior periods, the Trustee and the Company agreed two annuity contracts purchases with Canada Life at a total cost of £55.8m securing the total amount of future pension payments of 195 of the 2008 Pension Scheme's pensioners. In June 2025, a further annuity purchase with Canada Life was agreed securing the future pension costs of the remaining pensioners at a cost of c£41.8m.
18	Movements in own shares held by employee benefit trusts
	During the six months to 26 July 2025 the employee benefit trusts of the Group acquired 729,813 (six months to 27 July 2024: 338,003; year to 25 January 2025: 475,449) of the Company's shares. The total amount paid to acquire the shares has been deducted from shareholders' equity and is included within retained earnings. At 26 July 2025 the shares held by the Company's employee benefit trusts represented 1,106,013 (27 July 2024: 793,306; 25 January 2025: 791,826) shares at a purchased cost of £7.0m (27 July 2024: £4.1m; 25 January 2025: £4.3m). 415,626 (six months to 27 July 2024: 593,778; year to 25 January 2025: 725,054) shares were utilised in satisfying share options from the Company's employee share schemes during the same period. The related weighted average share price at the time of exercise for the six months to 26 July 2025 was £6.90 (six months to 27 July 2024: £6.00; year to 25 January 2025: £6.09).
19	Contingencies and commitments
		Unaudited	Unaudited	Audited
		As at 26 July 2025	As at 27 July 2024	As at 25 January 2025
		£m	£m	£m
	Commitments for the acquisition of property, plant and equipment	15.7	2.5	10.2
20	Related party transactions
	There have been no related party transactions in the first 26 weeks of the current financial year which have materially affected the financial position or performance of the Group.

Reconciliation of Non-GAAP measures
Adjusted Consolidated Income Statements
	Six months ended 26 July 2025	Six months ended 27 July 2024					Year ended 25 January 2025
	Reported and adjusted	Reported		Business change projects	Adjusted		Reported		Business change projects	Adjusted
	£m	£m		£m	£m		£m		£m	£m
Revenue	228.1	221.3		-	221.3		420.4		-	420.4
Cost of sales	(131.8)	(132.2)		-	(132.2)		(256.1)		-	(256.1)
Gross profit	96.3	89.1		-	89.1		164.3		-	164.3
Operating expenses	(62.1)	(64.8)		4.4	(60.4)		(112.6)		5.3	(107.3)
Operating profit	34.2	24.3		4.4	28.7		51.7		5.3	57.0
Finance income	1.1	0.8		-	0.8		2.0		-	2.0
Finance costs	(0.1)	(0.2)		-	(0.2)		(0.5)		-	(0.5)
Profit before tax	35.2	24.9		4.4	29.3		53.2		5.3	58.5
Tax on profit	(7.7)	(6.2)		(1.1)	(7.3)		(13.5)		(0.9)	(14.4)
Profit for the period	27.5	18.7		3.3	22.0		39.7		4.4	44.1
Attributable to:
Equity shareholders of the parent Company	27.7	18.7		3.3	22.0		39.7		4.4	44.1
Non-controlling interests	(0.2)	-		-	-		-		-	-

Adjusting entries:
Business change projects - the costs associated with the business change projects involving the closure of Barr Direct operations and the integration of the Boost business.
			Six months ended 26 July 2025			Six months ended 27 July 2024		Year ended 25 January 2025
Adjusted EPS
Adjusted profit attributable to equity holders of the Company £m			27.7			22.0		44.1
Weighted average number of shares in issue			111,253,659			110,797,643		110,874,571
Adjusted EPS (p)			24.90			19.86		39.77
Adjusted operating margin			£m			£m		£m
Revenue			228.1			221.3		420.4
Adjusted operating profit			34.2			28.7		57.0
Adjusted operating margin			15.0%			13.0%		13.6%
Net cash at bank			£m			£m		£m
Cash and cash equivalents			26.3			17.3		21.4
Short-term investments			15.0			32.5		42.5
Overdraft			-			(6.1)		-
Net cash at bank			41.3			43.7		63.9

Interim Results

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X