AG Barr toasts 20% profit rise

29th Sep 2009 08:27

Irn Bru maker AG Barr served up a 20% increase in interim pre-tax profit after this year's better weather whetted consumer appetite for fizzy drinks.The Scottish soft drinks giant said profit on ordinary activities before tax increased rose to £13.50m for the six months ended 1 August 2009 from £11.26m the year before despite difficult economic conditions. Total turnover was up 27.1% at £104.7m. Net debt stood at £25.5m.Like for like turnover, not including the acquisition of Rubicon, rose by 11.5%. Rubicon saw like for like sales rise by 22% contributing £12.8m sales revenue in the period.Core brand Irn Bru grew revenue by 6.5% during the six month period, with growth being particularly strong in England and Wales. AG Barr said the water market however remains competitive and Strathmore sales were down 5.9%.Looking ahead the drinks maker said, "Comparative sales growth in the second half of the year is more challenging than that of the first half, however we believe we are well positioned to meet our expectations for the full year." An interim dividend of 6.25p per share has been recommended, up 7.8% from the same time last year.