Irn-bru maker A.G. Barr expects higher first-half revenue
(Reuters) -A.G. Barr on Tuesday forecast a 19% rise in first-half like-for-like revenue, powered by steady demand for its cocktail mixes and fizzy drinks during summer and a recovery in demand for its out-of-home products.
The company benefited from greater at-home consumption of food and drinks during the pandemic, which has stayed strong as it launched new products, even as pubs and restaurants reopened.
A.G. Barr, best known for its Scottish fizzy drink Irn-Bru, said it expects revenue for the 26 weeks ended July 31 to be 157 million pounds ($192.11 million).
On a reported basis, revenue is expected to be up 16%.
"While not immune to the current cost inflationary pressures experienced across the UK ... remain confident of delivering a full-year profit performance ahead of the prior year and in line with board expectations," Chief Executive Roger White said.
The company warned that the UK's current level of inflation will continue through the year creating tough macroeconomic conditions, but it would take action to limit the full-year impact of rising costs.
($1 = 0.8173 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Shounak Dasgupta)