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Irn-Bru owner's annual profit to exceed pre-pandemic levels

Irn-Bru owner sees annual profit above market expectations
Irn-Bru owner sees annual profit above market expectations   -   Copyright  Thomson Reuters 2021
By Reuters

– A.G. Barr expects annual profit to exceed pre-pandemic levels and beat current market expectations, with “on the go” and hospitality sectors remaining particularly strong, the Scotland-based soft drinks maker said on Monday.

The company, best known for fizzy drink Irn-Bru, forecast both annual revenue and pretax profit ahead of current market expectations, despite ongoing near-term operating cost pressures.

Irn-Bru was in the spotlight earlier this month when Scotland’s First Minister Nicola Sturgeon handed U.S. Representative Alexandria Ocasio-Cortez a can of the orange fizzy beverage at COP26 in Glasgow, with Ocasio-Cortez giving the cherished Scottish drink a thumbs-up.

A.G. Barr expects full-year revenue of about 264 million pounds ($351.73 million) and profit before tax of around 41 million pounds for the 12 months ending January 2022, compared with 26 million pounds last year.

The company, which has seen a revival in demand since COVID-19 curbs were relaxed earlier in the year, said the fast-moving pandemic situation remains a risk but it still expects its revenue momentum to continue into 2022.

The emergence of a new variant of coronavirus late last week has raised questions of increased curbs ahead of Christmas, with Britain announcing some new measures to try and slow the spread.

($1 = 0.7506 pounds)