AG Barr resumes dividend payments as profits top pre-Covid levels

Irn-Bru maker AG Barr said on Tuesday that it was resuming dividend payments as it posted a jump in annual profit following growth in all brands.

In the 53 weeks to 30 January, statutory pre-tax profit rose 62% to £42.2m on revenue of 268.6m, up 18% on the previous year. Barr hailed an "excellent" financial performance, with strong sales resulting in a profit performance ahead of pre-Covid levels. Profit before tax and exceptional items came in at £41.5m, up 26.5% on the year.

There was growth across all brands, with core brands now ahead of pre-Covid levels, it said.

The drinks company recommended a final dividend of 10p per share, taking the total dividend for the year to 12p a share. This is on top of a 10p a share special dividend.

Chief executive Roger White said: "Our business and brands have once again proven their resilience in uncertain and often challenging circumstances.

"We have accelerated our revenue growth and consequently delivered a strong financial performance. In the year we have recommenced our dividend, alongside paying a one-off special dividend, and our balance sheet has continued to strengthen.

"We enter the new financial year with good momentum and exciting brand and sales plans. Trading in the early weeks of the new financial year has been well ahead of the prior year and in line with our expectations.

"Like most companies we are facing significant inflationary pressures but we are well placed as a group to deal with these and will continue to seek to manage our exposure proactively through mitigating actions across revenue management, pricing, procurement and cost control."