GB : AG Barr - Trading in line but momentum picking up; confident outlook
Trading in the first four months of the year is in line with expectations. Lockdown restrictions were in place for the majority of the period but the group comments that Barr Soft Drinks has started well and the period since restrictions have eased, all areas of the group have seen a notable pick-up in trade. Most importantly, the group has seen a positive impact on both sales volume and mix, with a shift back towards ‘drink now’, hospitality and leisure. Funkin is seeing a return to strong momentum in the on-trade and the strong momentum seen in 2020 through the off-trade from the Funkin ready to drink cocktails, is continuing. Here the group is seeing an increase in both customer listings and new consumers enjoying Funkin cocktails at home. The balance sheet remains strong and the group has reconfirmed its commitment to recommence dividend payments during the current financial year. A further update in this regard will be provided in the half year trading update in early August 2021. No changes to forecasts as this early stage.
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