AG Barr sales rally in third quarter

3rd Dec 2015 07:54

(ShareCast News) - Soft drinks group AG Barr said like-for-like sales for the 18 weeks to 28 November were up 3.9%.Barr, best known for its Irn Bru soft drink, said year-to-date sales were 0.2% lower and 2.2% lower on a reported basis.Numbers have been adjusted to factor in the impact of discontinued business and including Funkin Limited acquired in February 2015, Barr said in a trading statement.Barr said margins remain in line with expectations, underpinned by ongoing tight cost control activity."As anticipated, our revenue performance in the third quarter has gained momentum as we put the specific challenges of the first half behind us and return to our long-term growth strategy."Despite continued difficult market conditions we have maintained our market share, as measured by the latest available IRI market data, supported by continued brand investment.""Our balance sheet remains strong and there have been no significant changes in the financial position of the company since the publication of the interim accounts for the six months ended 25 July 2015.""We are now entering the important festive trading period and we anticipate the marketplace will remain highly competitive. However our sales execution activities are well developed and, as previously stated, assuming satisfactory Christmas trading, the company remains on track to meet the board's expectations for the year."