A.G. Barr expects annual profit to exceed pre-pandemic levels and beat current market expectations, with "on the go" and hospitality sectors remaining particularly strong, the Scotland-based soft drinks maker said on Monday.
The company, best known for fizzy drink Irn-Bru, forecast both annual revenue and pretax profit ahead of current market expectations, despite ongoing near-term operating cost pressures.
Irn-Bru was in the spotlight earlier this month when Scotland's First Minister Nicola Sturgeon handed U.S. Representative Alexandria Ocasio-Cortez a can of the orange fizzy beverage at COP26 in Glasgow, with Ocasio-Cortez giving the cherished Scottish drink a thumbs-up.
A.G. Barr expects full-year revenue of about £264 million ($351.73 million) and profit before tax of around £41 million for the 12 months ending January 2022, compared with £26 million last year.
The company, which has seen a revival in demand since COVID-19 curbs were relaxed earlier in the year, said the fast-moving pandemic situation remains a risk but it still expects its revenue momentum to continue into 2022.
The emergence of a new variant of coronavirus late last week has raised questions of increased curbs ahead of Christmas, with Britain announcing some new measures to try and slow the spread.
News by Reuters edited by Donna Ahern, Checkout. For more A Brands stories click here. Click subscribe to sign up for the Checkout print edition.