A.G. Barr Sees Profits Drop As Irn-Bru Loses Fizz To Pandemic
A.G. Barr, best known for Scottish fizzy drink Irn-Bru, has reported a near 63% slump in half-year profit, as coronavirus-related lockdowns sapped demand for its products.
The soft drinks maker said profit before tax fell to £5.1 million for the six months ended July 2020, compared with £13.5 million a year earlier.
"We remain on course to deliver a full year performance in line with the revised expectations we communicated in the July 2020 trading update," commented Roger White, chief executive.
"We have continued to invest in our core brand equity for the long term, maintained our quality and service standards and remain a profitable and cash generative business in a robust drinks sector. We are confident that our business will continue to prove its resilience for the balance of this year and beyond."
Revenue at the business was down 7.6% to £113.2 million, with the business saying that it took 'swift action to control costs, conserve cash and underpin financial stability'.