News Column

AG Barr Says Revenue Up In 2014; Chairman Ronnie Hanna To Retire

May 27, 2014

Anthony Tshibangu

LONDON (Alliance News) - Scottish soft-drinks maker AG Barr PLC Tuesday said group revenue for the 15 weeks to May 11 rose 5.2% on the same period a year earlier, as it announced that Chairman Ronnie Hanna will retire in December.

The company operates in two segments: carbonates and still drinks and water. It said its core brands are responding well to increased marketing support and sustained consumer promotional investment, while its strategy of extending distribution continues to make good progress.

AB Barr, which owns brands including Rubicon and Tizer, said the increase in revenue has been underpinned by a strong volume performance across all its core brands. Margins were in line with management expectation, it added.

The company, which is holding its annual general meeting Tuesday, said its brand and sales programme associated with its sponsorship of the Glasgow 2014 Commonwealth Games is now fully underway.

AG Barr said that although the macroeconomic climate has improved in recent months, the retail and consumer environment remains "volatile and as competitive as ever". However, it said operating plans for 2014 are well established, and it is confident in its ability to execute them well.

"Although it is early in the year and the comparative trading for last summer will be challenging, we remain confident in delivering our expectations for the balance of the year," the firm said.

The FTSE 250 firm also announced Tuesday that Chairman Ronnie Hanna is to retire in December after serving on the board for 11 years.

Jon Nicholson, currently a senior independent non-executive director, will assume the role of deputy chairman with immediate effect, taking on the role of chairman when Hanna departs.

AG Barr shares were untraded Tuesday morning.

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Source: Alliance News

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