FOR IMMEDIATE RELEASE 27 May 2014
A.G. BARR p.l.c.
Annual General Meeting, Interim Management Statement and Directorate
A.G. BARR p.l.c., the soft drinks group, will today hold its Annual General Meeting in Glasgow and announces its Interim Management Statement covering trading for the period 27 January to date.
Total revenue for the 15 weeks to 11 May 2014 increased by 5.2% versus the same period last year. The soft drinks market, as measured by Nielsen, recorded value growth of 1.9% and volume decline of 0.6% over the period up to and including 10 May 2014.
Our core brands are responding well to increased marketing support and sustained consumer promotional investment, whilst our strategy of extending distribution continues to make good progress. In the period, the increase in revenue has been underpinned by a strong volume performance across all of our core brands. Margins are in line with management expectations.
Our brand and sales programme associated with our sponsorship of the Glasgow 2014 Commonwealth Games is now fully underway. In addition, our innovation plans are well advanced and our "Fit for the Future" change programme is making good progress.
The balance sheet remains strong and there have been no significant changes in the financial position of the Company since publication of the Report and Accounts for the year ending 26 January 2014.
Directorate
At today's AGM Ronnie Hanna, Chairman, will announce his intention to retire from the Board on 31 December 2014. Ronnie has served on the Board for 11 years with 5 years as Chairman. During his tenure he has led the business through a significant period of business development and sustained growth in both revenue and profit. John Nicolson will, with immediate effect, assume the role of Deputy Chairman taking on the role of Chairman on 31 December 2014. John has been on the board since January 2013 and is currently the Senior Independent Non Executive Director.
Outlook
The macro economic climate has improved in recent months however the retail and consumer environment remains volatile and as competitive as ever.
Our operating plans for 2014 are well established and we are confident in our 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.
Dividend
This year's notice of AGM omitted the resolution seeking shareholder approval for the payment of a final dividend of 8.19p per ordinary share.
Accordingly, the Board will today declare a second interim dividend for the year ended 26 January 2014 in place of the proposed final dividend. The interim dividend will not require the approval of shareholders. The amount of this interim dividend shall be 8.19p per ordinary share. This dividend will be paid on 6 June 2014 to all shareholders who were on the Register of Members on 9 May 2014. The amount of the dividend and the timing of payment will therefore be the same as the final dividend previously proposed.
For further information, please contact:
A.G. BARR |
Tel: 01236 852400 |
Roger White, Chief Executive |
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Alex Short, Finance Director |
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Instinctif Partners |
Tel: 020 7457 2020 |
Justine Warren |
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Matthew Smallwood |
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