Advertisement
Canada markets closed

  • S&P/TSX

    24,822.54
    +132.06 (+0.53%)
     

  • S&P 500

    5,864.67
    +23.20 (+0.40%)
     

  • DOW

    43,275.91
    +36.86 (+0.09%)
     

  • CAD/USD

    0.7246
    -0.0004 (-0.05%)
     

  • CRUDE OIL

    69.34
    -1.33 (-1.88%)
     

  • Bitcoin CAD

    94,367.52
    +145.34 (+0.15%)
     

  • XRP CAD

    0.75
    -0.00 (-0.29%)
     

  • GOLD FUTURES

    2,736.40
    +28.90 (+1.07%)
     

  • RUSSELL 2000

    2,276.09
    -4.76 (-0.21%)
     

  • 10-Yr Bond

    4.0730
    -0.0230 (-0.56%)
     

  • NASDAQ

    18,489.55
    +115.94 (+0.63%)
     

  • VOLATILITY

    18.03
    -1.08 (-5.65%)
     

  • FTSE

    8,358.25
    -26.88 (-0.32%)
     

  • NIKKEI 225

    38,981.75
    +70.56 (+0.18%)
     

  • CAD/EUR

    0.6666
    -0.0024 (-0.36%)
     

Irn-Bru maker A.G. Barr bets on soft drinks' demand to boost revenue

Reuters
·1 min read
FILE PHOTO: Bottles of Irn-Bru drink, produced by drinks manufacturer A.G. Barr, are displayed in a supermarket in London

(Reuters) - Irn-Bru maker A.G. Barr forecast on Tuesday its half-year revenue to be higher than prior-year levels, supported by strong demand for its cocktail mixes and soft drinks.

WHY IT'S IMPORTANT

In the past year to current, the company has downsized and acquired businesses to expand its soft drinks portfolio to keep up with growing demand and competition.

CONTEXT

The recently agreed 3.3-billion-pound ($4.24 billion) merger between Danish brewer Carlsberg and British soft drinks maker Britvic had caused shares of peers A.G. Barr and Fevertree to rally. The merger was a move that could forge a UK beverage "powerhouse", Carlsberg said.

BY THE NUMBERS

A.G. Barr now expects its revenue for the 26-week period ended July 27 to be about 221 million pounds, compared with 210.4 million pounds posted a year earlier.

The beverage maker reiterated its annual forecast after the second half of the year was trading in line with its expectations.

Analysts, on average, in a company-provided poll had forecast profit for the current financial year to be about 56.87 million pounds, while revenue is expected to be about 421.19 million pounds.

KEY QUOTES

"The strategic margin rebuild programmes are on plan, guidance on revenue and margin remains unchanged, and we are on track to meet FY (full-year) expectations," recently appointed CEO Euan Sutherland said in a statement.

WHAT'S NEXT

The company will report its interim results on Sept. 24.

($1 = 0.7780 pounds)

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips)