Irn-Bru maker AG Barr has seen annual earnings fall by practically a 3rd after prolonged coronavirus restrictions slashed gross sales in pubs and the hospitality trade.
The Cumbernauld-based mushy drinks group reported pre-tax earnings plunging 30.5% to £ 26million for the yr ending Jan. 24, as gross sales fell 11.2% to 227 million kilos sterling.
Gross sales within the bar and pub sector have plummeted as a consequence of repeated pandemic lockdowns and AG Barr has been unable to make up for this regardless of the surge in commerce in supermarkets and comfort shops.
The group, which additionally makes Rubicon, stated restrictions since December, together with its contract for the sale and distribution of Rockstar power drinks in October, let second-half gross sales fall 14.6%.
AG Barr has saved dividends on maintain, having suspended them final April, however stated it stays “dedicated” to restarting funds to shareholders within the present 2021-2022 fiscal yr.
READ MORE: Pub large to reopen 51 areas in Scotland: full checklist
Managing Director Roger White stated: “Whereas there now seems to be a method out of lockdown, the instant future stays unsure.
“However this present context, our technique for the approaching yr is to help our predominant development initiatives with important investments.”
AG Barr stated he’s capitalizing on the development of locked-in Britons to drink cocktails at residence, which is rising demand for his ready-to-drink Funkin cocktails.
It is usually investing within the rising power drink market, lately launching Rubicon RAW Vitality and driving gross sales of its Irn-Bru Vitality model.
Irn-Bru gross sales fell 6.5% on the yr, which he stated was a “strong” efficiency within the pandemic, helped by rising demand from Irn-Bru Vitality and Irn -Bru Xtra.
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