TIDMBAG
RNS Number : 3773U
Barr(A.G.) PLC
28 March 2023
28 March 2023
A.G. BARR p.l.c.
("A.G. BARR" or "the Group")
Final results for the year ended 29 January 2023
Excellent financial performance driven by strong sales
growth
A.G. BARR p.l.c., a multi-beverage business with a portfolio of
market-leading UK brands, including IRN-BRU, Rubicon, Funkin and
Boost, today announces its final results for the year ended 29
January 2023.
Financial summary
2022/23 Versus 2021/22
---------- --------------------
Reported revenue GBP317.6m GBP268.6m 18.2%
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Reported profit before tax GBP44.4m GBP42.2m 5.2%
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Adjusted profit before tax* GBP43.5m GBP38.4m 13.3%
------------------------------ ---------- ---------- --------
Adjusted operating margin* 13.6% 14.9% (1.3)pp
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Net cash at bank* GBP52.9m GBP68.4m (22.7)%
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Reported EPS (basic p/share) 30.47p 25.09p 21.4%
------------------------------ ---------- ---------- --------
Dividend per share (proposed
final & interim) 13.10p 12.00p 9.2%
------------------------------ ---------- ---------- --------
Highlights
-- Revenue increased by 18.2% on a reported basis and 15.9% on a like-for-like basis
-- Significant progress across strategic objectives delivering strong organic growth
-- Barr Soft Drinks - Strong performance across soft drinks
portfolio driven by continued focus on consumer engagement and
investment in brand building
-- FUNKIN - Continued product innovation consolidates Funkin's
position as the Number 1 take home cocktail brand in the
fast-growing UK cocktail market
-- Building a multi-beverage portfolio leveraging our scalable business model
-- Completion of the acquisition of both Boost Drinks and the
remaining equity in MOMA Foods in December 2022
-- Operating in the high growth functional beverage and plant
based milk categories, both businesses are exciting additions to
the Group
-- Adjusted profit before tax of GBP43.5m, an increase of 13.3%
-- 13.6% adjusted operating margin reflects supply chain cost
inflation plus the expected short-term impact of lower margin MOMA
and Boost, alongside accelerated investment, including significant
Funkin and MOMA marketing
-- Strong cash generation and robust balance sheet with a net
cash position of GBP52.9m post significant capex investment and the
acquisitions of MOMA and Boost
-- Full year dividend of 13.1 pence per share including final
recommended dividend of 10.6 pence per share
-- Delivering growth responsibly
-- Additional financial and wellbeing support provided to our teams
-- Further progress across our "No Time To Waste" environmental
sustainability programme including approval of our science-based
targets and net-zero commitment
Outlook
At this early stage we remain confident of delivering further
revenue and profit growth in the year ahead in line with management
expectations.
Roger White, Chief Executive , commented :
"Over the past 12 months we delivered an excellent financial
performance and made significant progress across our strategic
objectives, an achievement only made possible by our committed and
hardworking teams.
Our strategy to build and develop a multi-beverage portfolio
capable of significant long-term growth is progressing well. We are
now in an investment phase, designed to capitalise on the strategic
growth opportunities ahead. We do anticipate a short-term impact on
operating margins, as a result of the combination of this
investment, ongoing inflationary cost pressures, and the initial
dilutive impact from the Boost acquisition. This growth and
investment phase will support the rebuilding of our operating
margin over the medium term and the creation of a stronger and more
sustainable business."
For more information, please contact :
A.G. BARR 0330 390 3900 Instinctif Partners 020 7457 2010/05
Roger White, Chief Executive Justine Warren
Stuart Lorimer, Finance Matthew Smallwood
Director
Next trading update - July 2023
* Items marked with an asterisk are non-GAAP measures.
Definitions and relevant reconciliations are provided later in this
announcement.
CHAIRMAN'S INTRODUCTION
I am incredibly proud to have taken on the role of Chair at A.G.
Barr. I am delighted to report that the business has made excellent
progress in pursuit of both its strategic objectives and its
short-term operating performance.
Following the challenges of the global pandemic we had all hoped
for a period of more stability and perhaps some return to
normality, however the tragic events in Ukraine have led directly
to a significant level of human suffering and we have all felt a
sense of collective grief. We have also seen the rise of global
economic uncertainty, rampant inflation and the resultant cost of
living crisis impacting consumers and businesses.
Against this difficult backdrop the whole team across the A.G.
Barr Group has delivered an excellent performance. Reported revenue
grew by 18.2% year-on-year and we finished the year with adjusted
profit before tax* of GBP43.5m, 13.3% ahead of the prior year.
Highlights during the year included:
-- Strong growth across our soft drinks portfolio as consumers
return to more established purchasing patterns, post pandemic
-- Innovation and growth in cocktails across all channels as
Funkin consolidated its position as the Number 1 cocktail brand in
the UK take home market
-- The strength of our balance sheet, our clear strategy and
scalable business model have supported the exciting acquisition of
Boost Drinks and the early completion of our planned acquisition of
the remaining equity in MOMA Foods
The entire A.G. Barr team has remained focused on delivering our
brand building strategy, investing for growth and creating a
business we are proud of.
Dividend
The Board is pleased to maintain its progressive dividend policy
and recommends a final dividend of 10.6p per share to give a
proposed total dividend for the full year of 13.1p per share. The
final dividend is payable on 9 June 2023 to shareholders on the
Register of Members at the close of business on 12 May 2023. The
ex-dividend date is 11 May 2023.
Board
In the reporting period we said a fond farewell to John Nicolson
who I succeeded in the role of Chair in March 2022. It has been a
pleasure to transition into the role working alongside our diverse,
experienced and capable Board and management team.
Succession planning is an important Board responsibility and
with that in mind I can confirm that after over 62 years with the
business, Robin Barr has informed me of his intention to step down
from the Board at the Annual General Meeting in 2023. Robin
epitomises all that is great in UK corporate leadership -
knowledge, honesty, balance, commitment and capability, not to
mention experience and a great sense of humour. We will all miss
Robin's counsel and camaraderie but after 58 years on the Board we
can understand his decision. I am delighted to announce that Julie
Barr will relinquish her Company Secretarial duties to join the
Board as a Non-Executive Director. Julie, who has been with the
Company for 19 years, and is a qualified corporate lawyer, will
stand for election at the Annual General Meeting in May.
We will continue to seek to strengthen the capability, diversity
and experience of our Board as we grow and develop the Company.
Responsibility
A.G. Barr has always put responsible behaviour at the heart of
its business and the last year has seen further excellent progress
across our core areas of focus.
Our environmental sustainability programme No Time To Waste has
continued to drive innovative thinking and actions across a wide
range of areas. We have now agreed and validated our science-based
targets as we head towards our net-zero ambition. We have increased
our use of more sustainable packaging and are taking a very active
role in the run up to the launch of the Deposit Return Scheme (DRS)
in Scotland, planned for August 2023.
People and culture
I believe that A.G. Barr has a unique and positive culture which
although longstanding, is embodied, nurtured and developed by the
executive leadership team. With high levels of colleague engagement
across the Group, each operating business has its own unique feel,
but are all connected by some shared A.G. Barr cultural
characteristics - a challenger mentality, a people first approach
and a drive for performance.
Whilst we have performed well as a Group, in these challenging
times we recognise that many of our team are facing a period of
difficulty and where possible we have taken steps to support our
colleagues. Where appropriate we have tried to make our working
patterns as flexible as possible. We continue to provide mental
health support to those who want our help and made two special cost
of living payments during the course of the year to those in our
business who need it most. We are equally as proud of our values
and behaviours as we are of our performance.
Prospects
There remain many headwinds to consider as we look forward,
however I am confident that the brand momentum, quality and
strategy of the business will continue to deliver superior returns
to shareholders for many years to come.
Mark Allen OBE
CHAIR
CHIEF EXECUTIVE'S REVIEW
I am pleased to report our results for the 52 weeks ended 29
January 2023.
Over the past 12 months we delivered an excellent financial
performance and made significant progress across our strategic
objectives. We emerged from the pandemic period a stronger business
and I would like to thank all the teams across the business, as
well as our partners, suppliers and customers, for their
support.
The following financial metrics quantify our strong
performance:
-- Reported revenue GBP317.6m (2022 : GBP268.6m)
-- Adjusted profit before tax* GBP43.5m (2022 : GBP38.4m)
-- Reported profit before tax GBP44.4m (2022 : GBP42.2m)
-- Adjusted operating margin* 13.6% (2022 : 14.9%)
-- Net cash at bank* GBP52.9m (2022 : GBP68.4m)
-- Basic earnings per share 30.47p (2022 : 25.09p)
Note : 2022 reported comparatives above are for the 53 weeks
ended 30 January 2022. Adjusted item information is detailed later
in this announcement.
Strategic objectives
Our overarching purpose - to create value with values - remained
central to A.G. Barr across the year, underpinned by our consistent
strategic priorities:
-- connecting with consumers
-- building brands
-- driving efficiency
-- building trust
We continued to invest in our brands, operations and people,
driving innovation and delivering strong organic growth across all
our business units. We are proud to have delivered this growth
responsibly.
Our organic growth ambition remains as strong as ever, as is our
desire to acquire high quality brands with strong future growth
potential. This was evidenced in 2022 by the completion of both the
Boost Drinks Holdings Limited acquisition and the early completion
of full ownership of the MOMA business. Operating in the high
growth functional beverage and oat milk categories, both businesses
are exciting additions to the A.G. Barr Group.
As our portfolio grows, so does our opportunity to increase our
connection and engagement with consumers. By entering different
markets, supporting different consumption occasions and appealing
to different consumers, we are increasing the long-term growth
potential for the Group as a whole.
While the economic uncertainty being felt across the UK has the
potential to stifle industry and business progress, we believe that
both our brand and financial strengths ensure we are well
positioned to invest through the economic cycle. By driving
operational efficiency from the bottom up, and by providing great
brands that offer real value to consumers, we are in a strong
position to accelerate our growth both organically and through
further acquisition, in turn creating long-term shareholder
value.
Soft drinks market
The UK's high cost inflation is reflected across the total UK
soft drinks retail market, which saw value increase by 8.8% while
volumes fell by 2.2%. The impact of higher prices and lower
promotional activity, coupled with the associated impact on volume
and general consumer caution, are mirrored across Carbonates and
Stills, both of which increased in value and experienced lower
volume. Taking a longer term view, and comparing to the
pre-pandemic soft drinks market in 2019, soft drinks volumes have
grown by 1.5%, with carbonates the key contributor, growing by 5%
over the same period despite the significant headwinds created by
the pandemic in particular.
At a subcategory level we continue to see some of the effects of
the pandemic unwinding across the soft drinks retail market.
Lemonade, Mixers, Dilutes and Fruit Juice have declined in both
value and volume, reflecting the normalisation of at home
consumption and the steady recovery of the on-trade hospitality
sector. By contrast, Flavoured Carbonates, Sports and Energy are
increasing in volume, supported by the recovery of the "drink now"
channel.
Against this backdrop Barr Soft Drinks has enjoyed particularly
strong market share value gains in England and Wales balanced by a
more subdued performance in Scotland which did not benefit from the
better summer weather experienced in much of the rest of the
UK.
The Boost business, which became part of the Group in December
2022, has performed exceptionally well within the total soft drinks
market across the past 12 months, with a double digit increase in
its value and volume share.
(Source: IRI Marketplace Total Soft Drinks Market 52 weeks to 28
January 2023)
Cocktail market
The hospitality sector continued its recovery across the year
despite experiencing significant challenges. The cocktail category
in particular has proven its strength and increasing popularity,
with cocktails in the on-trade now worth GBP686m, an increase of
more than 13% versus 2019 pre-pandemic levels. With 9.6 million UK
consumers now drinking cocktails out of home, 1.6 million of whom
joined the category since 2019, cocktails remain a significant
growth opportunity for the hospitality sector.
The growth momentum of the ready to drink (RTD) category in the
off-trade has continued, with consumers increasingly seeking to
replicate the bar quality experience at home. The RTD market has
grown to over GBP500m and continues to be driven by RTD cocktails
which have grown by more than 20% in value terms over the past 12
months.
Within this market we are delighted to report that Funkin
remains the UK's Number 1 RTD cocktail brand, the UK's fastest
growing Top 10 RTD brand and is now a Top 5 RTD Grocery brand.
(Sources: CGA Mixed Drinks Report Q3 2022 ; Nielsen Pre-Mixed
Alcoholic Drinks Total Coverage Data MAT 14/01/2023)
Plant-based milk market
The value of the total plant-based milk market fell by 1.4% in
the year to September 2022, driven largely by a decline in soya,
nut and coconut milks. In contrast, oat milk continues to grow, up
13.3% to GBP166m in the same period. One in five UK households now
purchases oat milk, with 750,000 more households adding it to their
shopping baskets in the last 12 months.
As a challenger oat milk brand, the MOMA business has had a
particularly strong year, with the MOMA business growing by 41% on
a year on year basis, well ahead of the category, driven by
increased sales of its ambient range and distribution gains for its
new chilled range that launched in the Spring of 2022.
(Sources: Kantar UK Market 52 weeks ending 04/09/2022; Kantar UK
Household Penetration 52 weeks ending 02/10/2022)
Connecting with consumers
The connection we make with consumers is central to our
strategy. Over the past 12 months we have continued to invest in a
wide range of consumer marketing, promotion and communication
programmes across our business units and brands.
With a growing consumer base, covering a broad demographic and
geographic spread, we have evolved our engagement approach
considerably over recent years. Social and digital media play an
increasingly important role, as does our commitment to bringing a
pipeline of great tasting, innovative new products to market, in
new pack formats which unlock new drinker occasions. More
traditional media channels of TV, print and outdoor remain an
important part of our marketing mix.
The acceleration of the investment in our portfolio demonstrates
the importance we place on supporting the long-term development of
our core brands. In March 2022 we launched our new IRN-BRU "Taste
Debate" campaign on TV, digital and social media to ensure our
biggest brand remains fun, fresh and relevant. We also invested in
Funkin, which launched its biggest ever brand investment with the
highly successful "It's Funkin Time" campaign which ran throughout
the key trading periods of summer and Christmas. The Funkin brand
has significantly increased its brand awareness to 45% within the
18-34 year old cohort (Source: Kantar January 2023).
MOMA's award-winning oat milk has high growth potential and we
have invested in its first ever above the line advertising
campaign, which appeared on screens at the start of September
across TV, outdoor and digital/social channels. The advert
highlights how MOMA is perfectly crafted for both expert and home
coffee creations, as "The Barista's Choice".
Sponsorship remains an effective and exciting engagement tool
and is a key focus for our Rubicon RAW Energy brand, supporting its
brand positioning as "A Force of Nature" in the great outdoors.
Part of a multimillion pound marketing campaign, the brand
sponsored the Boardmasters Festival in Cornwall in August 2022 and
we are also pleased to have announced the brand's four year
partnership as the official energy drink of GB Snowsport.
Our recent addition to the brand portfolio, Boost, has fostered
a strong consumer connection through its sponsorship of Leeds
United Football Club. We are excited to be a part of this
successful partnership and look forward to building the brand's
awareness in the year ahead.
Building brands
Our brand building strategy remains focused on growing
awareness, trial and loyalty through consumer engagement activity,
increasing our product distribution through effective sales
execution and supporting brand development through innovation.
Barr Soft Drinks has delivered a strong revenue performance
across its core brands.
IRN-BRU's total revenue grew by 6% while volumes, as
anticipated, fell by 4%, reflecting the short-term impact of price
changes across the market. The IRN-BRU growth strategy has
delivered increases in low calorie (IRN-BRU XTRA up 9%), increased
innovation (IRN-BRU 1901 up 5%), development in the Energy category
(IRN-BRU Energy up 15%) and increased distribution within England
and Wales.
The Rubicon masterbrand performed very strongly across all
variants - Sparkling (up 18%), Still (up 14%), Spring (up 27%) and
Rubicon RAW Energy (up 30%). It is particularly pleasing to see the
acceleration in Rubicon Spring which has been in the market for
over six years and is now the UK's number 1 sparkling flavoured
water brand.
Funkin benefited from the recovery of the hospitality sector and
the ongoing market growth of cocktail consumption, with on-trade
revenue up by 23%. The momentum in the take home RTD cocktail
category was sustained with Funkin's sales in this channel up 8%,
consolidating its Number 1 position. Funkin continues to innovate
across product, packaging and formats and in addition has
progressed its international business development, on track to
launch a state specific market trial within the US in 2023.
Our drive to build a multi-beverage portfolio has made positive
progress across the last year. The successful acquisition of the
Boost and MOMA businesses highlight our desire to participate in
high growth categories where our brand building expertise and
business model can add significant value.
Driving efficiency
Our drive for continuous improvement across our assets,
processes and technology remains a constant across the business.
This is particularly the case in Barr Soft Drinks where we invest
significantly in our asset base to drive efficiency and increase
our manufacturing and logistics capacity and capability.
2022 saw us embark on the first phase of an extensive asset
replacement programme at our Cumbernauld facility. Over the next
3-4 years this programme will deliver new high speed PET and can
filling lines, advanced packaging and palletising capability, as
well a number of associated energy and environmental sustainability
benefits. Phase 1 of the programme is now well underway and we
expect to have a new small format PET line and new downstream
packaging machinery installed and commissioned in the next 12
months.
As a high growth and innovative business, Funkin has operated
with an outsourced manufacturing business model that provides both
agility and flexibility. Its recent move into RTD cocktails in cans
presented an opportunity to leverage some of the benefit of being
part of the wider A.G. Barr Group. Following a GBP9m investment at
our Milton Keynes facility in 2022, we successfully installed and
commissioned new slim 250ml can filling and cardboard multipack
capabilities. This opens up new growth opportunities for Barr Soft
Drinks, and allows us to produce Funkin's nitro-infused ready to
drink cocktail cans in-house, bringing with it significant
operational efficiency benefits.
Building trust
Trust is earned. We continue to work hard to retain the trust of
all our employees, our wide range of stakeholders and our
communities, as we have done for over 145 years.
As the cost of living crisis continues to place pressure on
households and businesses across the UK, we recognise the duty of
care that we have for our people. Our employees have shown huge
levels of commitment over recent years and in recognition of this,
and the difficult economic landscape, we made two special cost of
living payments in 2022 to those colleagues who we believed would
benefit the most from additional financial support. We will
continue to monitor the welfare and wellbeing of our people and
have plans in 2023 to offer additional financial support services,
as well as maintaining our longstanding commitment to mental health
support within the workplace.
Our environmental sustainability programme No Time To Waste
continued to deliver clear and tangible progress throughout the
year, from our first plastic bottles made of 100% recycled content,
launched in April 2022, to the formal approval of our science-based
targets and net-zero commitments by the Science Based Targets
Initiative. We have a stretching yet achievable net-zero roadmap,
coupled with a genuine drive and ambition to push further and
faster. This is particularly the case for our use of recycled
material, notwithstanding current challenges associated with
availability and quality. We are well advanced in our DRS
preparations, due to go live in Scotland in August 2023, which has
the potential to increase the availability and quality of recycled
material, as well as supporting our long-term circular packaging
goals.
For us, a successful business also means being a sustainable
business and we will continue to demonstrate our values in this
respect through honest and meaningful actions.
Outlook
We anticipate a continuation of our strong brand momentum across
the Group in 2023/24 as we continue to invest in the development of
our business, brands and people. This is despite a backdrop of
continued high inflation and the planned introduction of the
Scottish DRS in August 2023, both of which have the potential to
impact consumer purchasing behaviour.
We do however anticipate a short-term impact on operating
margins, as a result of the combination of this investment, ongoing
inflationary cost pressures, and the initial dilutive impact from
the Boost acquisition.
It is our belief that our growing brand portfolio and our
ongoing actions to mitigate cost inflation will support the
delivery of our growth ambitions and at this early stage we remain
confident of delivering further revenue and profit growth in the
year ahead in line with management expectations.
Looking to the long term, it is our strategy to build and
develop a multi-beverage portfolio capable of significant growth.
We are now in an investment phase, designed to capitalise on the
strategic growth opportunities ahead. This growth and investment
phase will support the rebuilding of our operating margin over the
medium term and the creation of a stronger and more sustainable
business.
Roger White
CHIEF EXECUTIVE
FINANCIAL REVIEW
OVERVIEW
The business has delivered another year of impressive financial
performance with top and bottom line growth during a year of high
cost inflation, supply chain challenges and macroeconomic
uncertainty:
2022/23 Versus 2021/22
---------- --------------------
Reported revenue GBP317.6m GBP268.6m + 18.2%
----------------------------------------------- ---------- ----------
Reported profit before tax GBP44.4m GBP42.2m + 5.2%
----------------------------------------------- ---------- ---------- --------
Adjusted profit before tax* GBP43.5m GBP38.4m + 13.3%
----------------------------------------------- ---------- ---------- --------
Adjusted operating margin* 13.6% 14.9% (1.3)pp
----------------------------------------------- ---------- ---------- --------
Net cash at bank* GBP52.9m GBP68.4m (22.7)%
----------------------------------------------- ---------- ---------- --------
Reported EPS (basic p/share) 30.47p 25.09p + 21.4%
----------------------------------------------- ---------- ---------- --------
Dividend per share (proposed final & interim) 13.10p 12.00p + 9.2%
----------------------------------------------- ---------- ---------- --------
Our revenue increase was driven by a combination of brand
momentum, revenue management and the incremental contribution from
our MOMA and Boost Drinks acquisitions. Like-for-like revenue
growth*, adjusting for MOMA and Boost new business and the extra
week in the prior year, was 15.9%.
Throughout the pandemic, and the disruption that followed as the
economy reopened, we worked collaboratively with our customers to
ensure we recognised the impact of restrictions on the brand
support and discounts we provided. This involved numerous
commercial discussions, and in certain circumstances, changes to
promotional terms. This has resulted in a change in estimate and
recognition of GBP5.1m (2021/22: GBP4.9m) of additional variable
consideration.
In a challenging cost environment our adjusted profit before
tax* increased by 13.3%. While recessionary concerns, inflationary
pressures and supply chain disruption were clear headwinds, we
continued to invest for the future, in our brands, our people and
our assets. Our operating margin was compressed as a result of
supply chain cost inflation, the impact of MOMA and Boost's lower
margins, and investment in marketing ahead of sales in both Funkin
and MOMA.
Our cash generation remains strong having generated GBP35.9m of
net cash from operations.
Our capital allocation principles are consistent with our
strategic ambition to consistently grow our business. We prioritise
the utilisation of funds to support organic growth, finance
appropriate acquisition opportunities, provide shareholder income
and optimise debt when appropriate. In 2022/23, in addition to
increased marketing spend across our core brands, we chose to
invest in long-term sustainable growth through our acquisitions and
a step up in capital investment across our operating sites. Our
capital programme is expected to result in investment in excess of
GBP50m over the next three years.
Our core brand strength, our clear strategy and our engaged
workforce provide a strong foundation to deliver sustainable
long-term shareholder value.
ADJUSTING ITEMS
The Group reported results include a net credit of GBP0.9m
(2021/22 : GBP0.7m credit) relating to pre-tax adjusting items
which are excluded from adjusted profit :
-- M&A - MOMA : A net credit of GBP1.6m relating to the
re-measurement and release of the excess contingent consideration
in respect of MOMA Foods Limited following the Group's acquisition
of the remaining 38.2% minority interest in December 2022.
-- M&A - Boost Drinks : A net charge of GBP2.0m relating to
costs associated with the successful acquisition of Boost Drinks
Holdings Limited. This comprises GBP1.2m of one-off acquisition
fees and a further GBP0.8m accrual related to the potential 2024/25
payment of GBP10m associated to the acquisition earn-out. Both the
acquisition fees and the earn-out accrual have been charged to
operating expenses in the income statement.
-- Asset disposal : A GBP1.3m one-off gain on the sale of our
Newcastle distribution site which was closed in April 2022 as part
of the completed Group-wide restructuring programme that was
announced in 2021/22.
SEGMENTAL PERFORMANCE
There are three reportable segments in the Group:
-- Soft drinks
-- Cocktail solutions
-- Other
Soft drinks
The soft drinks segment comprises two business units, Barr Soft
Drinks and Boost Drinks, with decisions made at a business unit
level. This allows agile and effective operational management and
strong Group oversight.
Barr Soft Drinks
Barr Soft Drinks delivered a year of strong top line revenue
growth, up 12.4% on 2021/22, driven by volume growth, disciplined
pricing and promotional management as well as a small element of
favourable brand and channel mix. Gross margin declined as high and
sustained raw material inflation was only partially mitigated by
pricing action and disciplined cost management.
IRN-BRU revenue grew by 6% with a strong performance in the
out-of-home channel more than compensating for lower take home
sales as the channels continue to rebalance following pandemic
disruption.
Rubicon's growth was particularly pleasing, up 8% in volume and
over 20% in revenue, with the brand benefiting from increased
distribution, continued innovation, and a strong marketing
programme. Growth was broad based across the whole Rubicon range
with Sparkling, Spring, Stills and RAW Energy, all delivering
double digit revenue growth. Gross margin in the second half of the
financial year was impacted by high exotic fruit costs following
particularly poor harvests.
Our other portfolio brands, including Barr Flavours, KA and
Simply Fruity, grew in both volume and revenue terms as consumers
sought value in the face of cost of living challenges.
Boost Drinks
The Boost Drinks portfolio, spanning energy, sport, iced coffee,
protein and including the franchise brand, Rio, was acquired by the
Group in December 2022. Our financial results include Boost's
contribution for the 2 months since acquisition - c.GBP7m of
revenue and c.GBP1m of gross profit. The impact to Group profit was
negligible and is in line with the acquisition business case.
Cocktail solutions
Funkin delivered another year of significant growth with revenue
up 16.0% and gross profit up 10.2%. The business benefited from a
strong on-trade recovery, especially in the first half of the
financial year, and continued distribution gains in the growing
off-trade ready to drink cocktail market. Gross margin was impacted
by increases in input costs, fruit in particular, and a more
challenging macroeconomic environment for our on-trade customers in
the second half of the year.
Other
The 'Other' segment represents our MOMA business unit,
comprising oat milk drinks and other oat based products. MOMA
continues to build distribution across both grocery and food
service channels with revenue up over 41% versus the prior year.
Cost inflation in both processing and raw materials has adversely
impacted gross margin. The Group secured full ownership of the MOMA
business in December 2022 and this will now allow us to invest for
the long-term growth of the brand.
OPERATING MARGIN
The combination of the inflationary macroeconomic environment,
the medium-term margin dilutive impact of the Boost and MOMA
acquisitions and our commitment to maintaining marketing investment
behind our long-term growth drivers, led to an adjusted operating
margin* of 13.6% (2021/22 : 14.9%)
Our marketing spend was ahead of sales growth for the second
successive year as we continued to invest behind our core brands,
innovation and our acquisitions.
During the year we also provided support with the immediate cost
of living challenges, through targeted one-off payments as well as
longer term investment in personal skills and capabilities.
INTEREST
The Group remained net cash positive throughout 2022/23. Finance
income of GBP0.5m relates to interest earned on cash held on
rolling short-term deposits. The finance charge of GBP1.4m
primarily relates to the non-cash MOMA acquisition accounting
(GBP1.1m), included as an adjusting item in determining adjusted
profit as explained in the adjusting items section. The remaining
finance charge of GBP0.3m relates to banking costs associated with
the Group's revolving credit facilities and lease interest costs
under IFRS 16.
TAXATION
The reported tax rate for the year ended 29 January 2023 was
23.6% compared with 34.1% for the year ended 30 January 2022. The
tax rate for the year is above the 19% UK corporation tax rate due
to c.GBP2m of M&A related costs recognised in the year that are
non-deductible for tax purposes. These primarily rate to c.GBP1m of
acquisition transaction costs and GBP0.8m of accrued earn-out
recognised in the year.
The reported tax charge for the prior year included the impact
of the change in corporation tax rate from 19% to 25% on deferred
tax which increased the deferred tax liability by GBP5.7m.
Excluding the impact of the increase in rate for deferred tax, the
effective tax rate for the year ended 30 January 2022 would be
c.21%.
EARNINGS PER SHARE (EPS)
Adjusted basic EPS* for the year was 29.66p, an increase of
37.4% on the prior year due to higher operating profits and the
adverse impact on the prior year EPS from an increase in deferred
tax as detailed above. Basic reported EPS was 30.47p, an increase
of 21.4% on last year. Based on a diluted weighted average of
112,178,721 shares, diluted EPS was 30.22p (2021/22: 24.95p).
DIVIDS
The Group resumed dividends, after the pandemic related pause,
with the announcement in September 2021 of a 2.0p interim dividend
and a one-off special dividend of 10.0p in recognition of the
benefit from a number of one-off cash inflows that had been
received but that were not part of normal trading.
The Group's dividend policy aims to deliver a progressive and
sustainable dividend to shareholders that has regard to current
performance trends including revenue, profit after tax and cash,
and that satisfies certain guiding principles:
-- Dividend cover: targeting two times cover
-- Payout ratio: targeting 50% of free cash flow *
-- Consistent with medium-term profit outlook
Based on this framework, and following the interim dividend of
2.50p per share paid in October 2022, the Board is recommending a
final dividend for the period of 10.60p. This will bring the full
year dividend to 13.10p per share (2021/2022 : 12.0p per share)
which provides two times dividend cover and delivers a payout ratio
of 43%. The Board believes the final dividend growth of 6.0% is
sustainable. Subject to approval by shareholders at the AGM in May,
the final dividend will be paid to holders of ordinary shares on
the register as of 12 May 2023 with an ex-dividend date of 11 May
2023.
BALANCE SHEET AND CASH FLOW
The balance sheet as at 29 January 2023 recognises the first
time inclusion of the Boost Drinks acquisition and the associated
assets and liabilities of this company.
The Group remains financially strong with net cash at bank, no
material trade debt issues, healthy inventory levels, a defined
benefit pension surplus and a GBP20.6m increase in the net asset
base to GBP268.8m.
Inventory values have increased due to the Boost Drinks
acquisition, inflation and a planned stock-build to support the
installation of our new PET line as part of our Cumbernauld factory
refresh. Year end payables and accruals have increased, reflecting
the Boost Drinks acquisition, significant capital spend accruals
and the timing of our month end payment run which took place after
the year end in 2022/23 but before the year end in the prior
year.
Global disruptions and geo-political challenges have reinforced
the importance of resilient supply chain capabilities. We remain
committed to internal manufacturing when scale and capabilities
permit, and recognise the value of a well-invested asset base.
After a period of restricted spend associated with the pandemic,
our capital programme resumed with total additions in the year of
GBP17.0m (2021/22 : GBP5.8m) comprising GBP14.6m of cash capital
expenditure and GBP2.4m of accruals. This reflects investment in
production capacity, capability and sustainability. The
commissioning of a new can filler in Milton Keynes delivers the
capability and capacity for 250ml cans and alcoholic products for
the first time. We have utilised these facilities to successfully
bring a proportion of Funkin can requirements in-house. Our
multi-year production line refresh in Cumbernauld continues to plan
with an upgraded PET line scheduled for commissioning by summer
2023.
Despite the return to a more typical level of capital
investment, the higher inventory levels and the inclusion of the
Boost Drinks acquisition, return on capital employed remains robust
at 18.0%, a modest decline from 19.9% in 2021/22.
ACQUISITIONS
In the year ended 29 January 2023, the Group completed the early
full acquisition of MOMA Foods Limited and the acquisition of Boost
Drinks Holdings Limited. Both acquisitions were fully funded from
Group cash reserves and the Group remains net cash positive. The
primary financial implications of these acquisitions were:
MOMA Foods Limited
The Company acquired an initial 62.8% equity stake in MOMA in
December 2021. MOMA was consolidated as a fully owned subsidiary in
the 2021/22 accounts, with a non-controlling interest reported in
respect of the 38.2% not acquired at that time, alongside a put
option liability that recognised a commitment (contingent
consideration) to secure full A.G. Barr ownership by the end of
financial year 2024/25.
In December 2022 the Company acquired the remaining 38.2% equity
stake in MOMA. As A.G. Barr now owns a 100% equity stake in MOMA,
the minority interest in the business and the put liability have
been removed from the balance sheet. There has been no change in
the year to goodwill or brand valuation and the removal of the
contingent consideration has resulted in a net non-cash credit to
the income statement of GBP1.6m. This release has been recognised
within adjusting items as detailed in the adjusting items section
above.
Boost Drinks Holdings Limited
In December 2022 the Group acquired 100% of Boost Drinks
Holdings Limited for an initial consideration of GBP20m, on a
cash-free debt-free basis. Boost will operate as a standalone
business unit during a two year earn-out period. The financial
reporting impact of the Boost acquisition is as follows :
-- Initial acquisition consideration (GBP19.9m) recognised
within the consolidated financial position as GBP16.9m of brand
intangibles, GBP1.9m of goodwill intangibles and net assets of
GBP1.1m
-- Consolidated in Group results from December 2022
-- Boost revenue recognised within 'Soft Drinks' segmental reporting
-- The acquisition includes a potential additional consideration
of up to GBP12m, contingent on the future performance of the Boost
business over a two year period from completion. Any earn-out will
be charged through the Group's income statement over the earn-out
period and reported as an adjustment to reported profit. The
financial statements ending 29 January 2023 included GBP0.8m in
respect of this earn-out accrual.
FINANCIAL RISK MANAGEMENT
The Group's risk management process is owned by the Board and
operates at every level within the business to support the
successful delivery of our strategic objectives and financial
plans. The process is based on a balance of risk and opportunity,
determined through assessment of the likelihood and impact of the
risk and within the context of the Group's risk appetite, as
established by the Board. Risks are monitored throughout the year
with consideration to internal and external factors, and updates to
risks and mitigation plans are made as required. The principal
risks that could potentially have a significant impact on our
business have not changed since the end of the financial year.
TREASURY AND COMMODITY RISK MANAGEMENT
The treasury and commodity risks faced by the Group continue to
be identified and managed by the Group Treasury and Commodity
Committee whose activities are carried out in accordance with Board
approved policies and subject to regular Audit and Risk Committee
reviews. No transactions are entered into for speculative purposes.
Key financial risks managed by this committee include exposures to
foreign exchange rates and the management of the Group's debt,
commodity and liquidity positions. The Group uses financial
instruments to hedge against foreign currency exposures.
The Group seeks to mitigate risks in relation to the continuity
of supply of key raw materials and ingredients by developing strong
commercial relationships with its key suppliers. The Group manages
commodity pricing risk actively and where commercially appropriate
will enter into fixed price supply contracts with suppliers to
reduce risk.
The Group enters into insurance arrangements to cover certain
insurable risks where external insurance is considered by
management to be an appropriate economic means of mitigating these
risks.
As at 29 January 2023, the Group had GBP40m of funds held on
short-term, interest earning, deposit with two relationship banks.
In addition to the Group's cash position, the Group had GBP20m of
committed and unutilised debt facilities, consisting of a revolving
credit facility with our principal relationship bank. This expires
in February 2026. Our funding requirements and facilities are
continually reviewed to ensure they remain appropriate, providing a
balance of security and optionality.
ACCOUNTING POLICIES
The Group's financial statements have been prepared in
accordance with International Financial Reporting Standards and the
Listing Rules of the Financial Conduct Authority.
There have been no changes to the accounting policies applied
this year. All new or amended standards that are applicable have
been adopted with no material impact on the results for the current
and prior reporting periods.
PENSIONS
The Group continues to operate two pension plans : the A.G. Barr
p.l.c. (2005) Defined Contribution Pension Scheme and the A.G. Barr
p.l.c. (2008) Pension and Life Assurance Scheme. The latter is a
defined benefit scheme based on final salary, which also includes a
defined contribution section for pension provision to senior
managers.
The defined benefit scheme has been closed to new entrants since
5 April 2002 and closed to future accrual for members in May 2016.
Existing and new employees have been invited to join the
Company-wide defined contribution scheme.
The defined benefit pension scheme triennial valuation as at
April 2020 identified a GBP7.7m deficit on a technical provisions
basis as at that date, reflecting the substantial reduction in the
value of the Scheme's investments which occurred at the start of
the pandemic. The Company agreed with the Pension Scheme Trustee
that the ongoing deficit recovery plan of a GBP1.0m per annum
Company contribution should continue for the next three years with
the intention of eliminating the deficit over the medium-term. This
plan was approved by the Pension Regulator. A deficit recovery
contribution of GBP1.0m was made by the Company under this
arrangement in May 2022. At the end of September 2022 gilt yields
rose rapidly in reaction to the UK Government's mini budget. As
gilt yields rose, the value of liability driven investment (LDI)
assets held by many defined benefit pension schemes in the UK fell
sharply. Additional cash was required in order to rebalance the
Company's defined benefit pension scheme's LDI portfolio and
maintain the majority of the hedging that the Scheme had in place.
The Trustee took a number of actions to meet these recapitalisation
calls. In support, the Company made a further payment of GBP1.0m to
the Scheme in October 2022 as a prepayment of the deficit recovery
contribution due in May 2023 and also pre-paid the Central Asset
Reserve (CAR) contribution payments of GBP1.5m due in 2023. The
next triennial actuarial valuation will be as at April 2023.
On an IAS 19 valuation basis, which is determined before the
benefit of the CAR funding arrangement, the deficit of GBP1.0m as
at 30 January 2022 improved to a surplus of GBP2.4m as at the
balance sheet date. As noted above, 2022 was an unusually volatile
year for the pension industry generally and the Group scheme was
impacted by this. The A.G. Barr defined benefit scheme has a long
established financial risk strategy that includes pensioner buy-in
policies and asset hedging. The purpose of the strategy is to
provide an element of protection against pension assumption and
financial market volatility. During the year 2022/23 this strategy
resulted in the scheme reporting both a significant decrease in the
scheme's liabilities, driven by a large increase in discount rates,
and a similarly significant decrease in the value of scheme assets
due to changes in financial markets, particularly the bond market.
The move from deficit to surplus is attributable to these changes
and to the GBP4.9m (2021/22 : GBP2.4m) Company contributions made
in the year. The Company contributions comprise both agreed 2022/23
contributions of GBP2.4m and GBP2.5m of 2023/24 contributions paid
in advance to support scheme liquidity.
The Group continues to work proactively with the Pension Trustee
to further de-risk the pension liabilities and secure the
commitments to employee benefits as part of the Group's ongoing
strategic risk management.
____________
The Group has, again, delivered a strong financial performance
despite the challenging economic backdrop. This performance
demonstrates the consistent delivery of our strategy and a
successful blend of resilience, agility, efficiency and strong
commercial execution. In an environment that remains volatile and
challenging, the business has a well invested asset base backed by
strong financial fundamentals and is well placed to continue to
invest for the future in our brands, assets and people.
Stuart Lorimer
FINANCE DIRECTOR
CONSOLIDATED INCOME STATEMENT FOR THE YEARED 29 JANUARY 2023
2023 2022
GBPm GBPm
Revenue 317.6 268.6
Cost of sales (189.5) (150.0)
------------------------------------------------- -------- --------
Gross profit 128.1 118.6
Other income 1.3 0.7
Operating expenses (84.1) (76.6)
------------------------------------------------- -------- --------
Operating profit 45.3 42.7
Finance income 0.5 -
Finance costs (1.4) (0.4)
Share of after tax results of associates - (0.1)
Profit before tax 44.4 42.2
Tax on profit (10.5) (14.4)
------------------------------------------------- -------- --------
Profit for the year 33.9 27.8
------------------------------------------------- -------- --------
Earnings per share (pence)
---------------------------------------------------------------------
Basic earnings per share 30.47 25.09
Diluted earnings per share 30.22 24.95
------------------------------------------------- -------- --------
STATEMENT OF FINANCIAL POSITION AS AT 29 JANUARY 2023
2023 2022
GBPm GBPm
------------------------------------------ ------ ------
Non-current assets
Intangible assets 116.2 98.6
Property, plant and equipment 102.5 93.8
Right-of-use assets 5.4 4.2
Loans and receivables 1.5 1.5
Investment in associates 0.7 0.7
Retirement benefit surplus 2.4 -
------------------------------------------ ------ ------
228.7 198.8
------------------------------------------ ------ ------
Current assets
Inventories 34.7 24.2
Trade and other receivables 60.4 44.3
Derivative financial instruments 0.1 -
Current tax asset - 0.3
Short-term investments 40.0 -
Cash and cash equivalents 13.6 68.7
------------------------------------------ ------ ------
148.8 137.5
------------------------------------------ ------ ------
Total assets 377.5 336.3
------------------------------------------ ------ ------
Current liabilities
Loans and other borrowings 0.7 0.3
Trade and other payables 72.3 54.0
Derivative financial instruments 0.1 0.2
Lease liabilities 1.5 1.3
Provisions 0.8 2.0
Current tax liabilities 0.7 -
------------------------------------------ ------ ------
76.1 57.8
------------------------------------------ ------ ------
Non-current liabilities
Deferred tax liabilities 28.2 21.5
Lease liabilities 3.6 2.8
Put liability - 5.0
Contingent consideration 0.8 -
Retirement benefit obligations - 1.0
------------------------------------------ ------ ------
32.6 30.3
------------------------------------------ ------ ------
Capital and reserves
Share capital 4.7 4.7
Share premium account 0.9 0.9
Share options reserve 3.4 1.6
Other reserves 0.1 (5.1)
Retained earnings 259.7 242.4
------------------------------------------ ------ ------
Total shareholder equity 268.8 244.5
Non-controlling interest
in equity - 3.7
------------------------------------------ ------ ------
268.8 248.2
------------------------------------------ ------ ------
Total equity and liabilities 377.5 336.3
------------------------------------------ ------ ------
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 29
JANUARY 2023
2023 2022
GBPm GBPm
----------------------------------------------- ------ -----
Profit for the year 33.9 27.8
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements on defined benefit pension
plans (1.5) 4.7
Deferred tax movements on items above 0.6 (1.2)
Deferred tax remeasurement for movement
in tax rate - 1.5
Items that will be or have been reclassified to profit
or loss
Cash flow hedges:
Gains arising during the period 0.2 0.1
Deferred tax movements on items above - -
----------------------------------------------- ------ -----
Other comprehensive income for the year,
net of tax (0.7) 5.1
Total comprehensive income for the year 33.2 32.9
----------------------------------------------- ------ -----
Attributable to:
Equity shareholders of the parent Company 33.2 33.0
Non-controlling interests - (0.1)
----------------------------------------------- ------ -----
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 29 JANUARY 2023
Share Share
Share premium options Other Retained Non-controlling
capital account reserve reserves earnings Total interests Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- ------------ ----------- ------------ ------------ ------------ ------ --------------- ------
At 30 January
2022 4.7 0.9 1.6 (5.1) 242.4 244.5 3.7 248.2
Profit for the
year - - - - 33.9 33.9 - 33.9
Other
comprehensive
income - - - 0.2 (0.9) (0.7) - (0.7)
---------------- ------------ ----------- ------------ ------------ ------------ ------ --------------- ------
Total
comprehensive
income for the
year - - - 0.2 33.0 33.2 - 33.2
Company shares
purchased for
use by employee
benefit trusts - - - - (0.7) (0.7) - (0.7)
Recognition of
share-based
payment costs - - 2.0 - - 2.0 - 2.0
Transfer of
reserve on
share award - - (0.2) - 0.2 - - -
Deferred tax on
items taken
direct to
reserves - - - - - - - -
Derecognition of
put liability - - - 1.3 (1.3) - - -
Recognition of
liabilities
with
non-controlling
interests - - - 3.7 - 3.7 (3.7) -
Dividends paid - - - - (13.9) (13.9) - (13.9)
---------------- ------------ ----------- ------------ ------------ ------------ ------ --------------- ------
At 29 January
2023 4.7 0.9 3.4 0.1 259.7 268.8 - 268.8
---------------- ------------ ----------- ------------ ------------ ------------ ------ --------------- ------
At 24 January
2021 4.7 0.9 1.8 (0.2) 221.6 228.8 - 228.8
Profit for the
year - - - - 27.9 27.9 (0.1) 27.8
Other
comprehensive
income - - - 0.1 5.0 5.1 - 5.1
---------------- ------------ ----------- ------------ ------------ ------------ ------ --------------- ------
Total
comprehensive
income for the
year - - - 0.1 32.9 33.0 (0.1) 32.9
Company shares
purchased for
use by employee
benefit trusts - - - - (0.5) (0.5) - (0.5)
Recognition of
share-based
payment costs - - 1.2 - - 1.2 - 1.2
Transfer of
reserve on
share award - - (1.8) - 1.8 - - -
Deferred tax on
items taken
direct to
reserves - - 0.4 - - 0.4 - 0.4
Recognition of
liabilities
with
non-controlling
interests - - - (5.0) - (5.0) 3.8 (1.2)
Dividends paid - - - - (13.4) (13.4) - (13.4)
---------------- ------------ ----------- ------------ ------------ ------------ ------ --------------- ------
At 30 January
2022 4.7 0.9 1.6 (5.1) 242.4 244.5 3.7 248.2
---------------- ------------ ----------- ------------ ------------ ------------ ------ --------------- ------
Cash Flow Statements for the year ended 29 January 2023
2023 2022
GBPm GBPm
------------------------------------------------------------------------------ --------- ---------
Operating activities
Profit before tax 44.4 42.2
Adjustments for:
Interest and dividends receivable (0.5) -
Interest payable 1.4 0.4
Contingent consideration 0.8 -
Revaluation of put liability (2.7) -
Depreciation of property, plant and equipment 9.8 9.9
Amortisation of intangible assets 1.2 1.3
Share-based payment costs 2.0 1.2
Share of results in associates - 0.1
Gain on sale of property, plant and equipment
and available for sale assets (1.0) (0.7)
------------------------------------------------------------------------------ --------- ---------
Operating cash flows before movements
in working capital 55.4 54.4
Increase in inventories (4.5) (4.3)
Increase in receivables (7.6) (5.6)
Increase in payables 4.3 7.7
Difference between employer pension contributions
and amounts recognised in the income
statement (4.9) (2.3)
------------------------------------------------------------------------------ --------- ---------
Cash generated by operations 42.7 49.9
Tax paid (6.8) (6.5)
------------------------------------------------------------------------------ --------- ---------
Net cash from operating activities 35.9 43.4
------------------------------------------------------------------------------ --------- ---------
Investing activities
Acquisition of subsidiary (net of cash
acquired) (18.6) (5.1)
Purchase of property, plant and equipment (14.6) (5.0)
Proceeds on sale of property, plant and
equipment and assets held for sale 1.6 1.1
Funds placed on fixed term deposit (40.0) -
Interest received 0.1 -
------------------------------------------------------------------------------ --------- ---------
Net cash used in investing activities (71.5) (9.0)
------------------------------------------------------------------------------ --------- ---------
Financing activities
Acquisition of minority interest (3.4) -
Loans made - (0.5)
Loans repaid (0.3) -
Lease payments (1.7) (1.5)
Purchase of Company shares by employee
benefit trusts (0.7) (0.2)
Dividends paid (13.9) (13.4)
Interest paid (0.2) (0.1)
------------------------------------------------------------------------------ --------- ---------
Net cash used in financing activities (20.2) (15.7)
------------------------------------------------------------------------------ --------- ---------
Net (decrease)/increase in cash and
cash equivalents (55.8) 18.7
------------------------------------------------------------------------------ --------- ---------
Cash and cash equivalents at beginning
of year 68.7 50.0
------------------------------------------------------------------------------ --------- ---------
Cash and cash equivalents at end of year 12.9 68.7
------------------------------------------------------------------------------ --------- ---------
Cash and cash equivalents per the cash flow statement above comprises cash and cash equivalents
per the statement of financial position of GBP13.6m, net of bank overdrafts of GBP0.7m for
the year ended 29 January 2023.
1. General information
A.G. BARR p.l.c. (the "Company") and its subsidiaries (together
the "Group") manufacture, distribute and sell a range of beverages.
The Group has manufacturing sites in the UK and sells mainly to
customers in the UK with some international sales.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in Scotland.
The address of its registered office is Westfield House, 4 Mollins
Road, Cumbernauld, G68 9HD.
The financial year represents the 52 weeks ended 29 January 2023
(prior financial year 53 weeks ended 30 January 2022).
Basis of preparation
The financial information for the year ended 29 January 2023
contained in this news release was approved by the Board on 28
March 2023. This announcement does not constitute statutory
financial statements within the meaning of Section 435 of the
Companies Act 2006, but is derived from those financial statements,
which have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the UK and in conformity
with the requirements of the Companies Act 2006.
This information has been prepared under the historical cost
method except where other measurement bases are required to be
applied under IFRS, using all standards and interpretations
required for the financial period beginning 31 January 2022. No
standards or interpretations have been adopted before the required
implementation date. Whilst the financial information included
within this announcement has been prepared in accordance with the
recognition and measurement criteria of IFRS, it does not comply
with all disclosure requirements.
Statutory financial statements for the year ended 30 January
2022 have been delivered to the Registrar of Companies. Statutory
financial statements for the year ended 29 January 2023, which have
been prepared on the going concern basis, will be delivered to the
Registrar of Companies following the Group's Annual General
Meeting.
The directors have adopted the going concern basis in preparing
these accounts after assessing the principal risks. This assessment
was undertaken through the use of a number of reasonably possible
downside scenarios that could impact the business (both
individually and cumulatively).
These scenarios include adverse brand damage to the Group's
largest brand (IRN-BRU), reimposition of restrictions associated
with the Covid-19 pandemic, significant disruption to supply chain
(including the closure of a factory), a cyber attack, and
significant energy cost inflation.
The director's experience of the Covid-19 pandemic provides
confidence over the resilience of our brands, and that the business
can react appropriately to significant downside scenarios. Material
cash preservation measures are available, including reducing
discretionary spend on overheads, non-essential capital, marketing
investment, and the suspension of dividends.
As at 29 January 2023, the consolidated balance sheet reflects a
net asset position of GBP268.8m, including net cash at bank of
GBP52.9m. The Group has GBP20m of committed and unutilised debt
facilities, consisting of one revolving credit facility with one
bank, providing the business with a secure funding platform.
Throughout these severe but plausible downside scenarios, and with
no cost mitigation, the Group's liquidity requirements would be
satisfied within existing credit facilities, and headroom is
maintained on associated covenants.
The directors believe that the Group is well placed to manage
its financing and other business risks satisfactorily, and have a
reasonable expectation that the Group will have adequate resources
to continue in operation for at least 12 months from the signing
date of these consolidated financial statements. They therefore
consider it appropriate to adopt the going concern basis of
accounting in preparing the financial statements.
The auditors have reported on those financial statements. Their
reports were not qualified, did not include a reference to any
matters which the auditors drew attention by way of emphasis
without qualifying their report, and did not contain a statement
under Section 498 (2) or (3) of the Companies Act 2006.
Changes in accounting policy and disclosures
(a) New and amended standards adopted by the Group
A number of new or amended standards became applicable for the
current reporting period and the Group had to change its accounting
policies as a result of adopting the following standards:
-- Property, Plant and Equipment Proceeds before Intended Use - Amendments to IAS 16;
-- Onerous contracts - Cost of Fulfilling a Contract - Amendments to IAS 37;
-- Annual Improvements to IFRS Standards 2018 - 2020; and
-- Reference to the Conceptual Framework - Amendments to IFRS 3.
The amendments listed above do not have a material impact on the
results for the current and prior reporting periods.
(b) New standards, amendments and interpretations issued but not
effective for the financial year beginning 30 January 2023 and not
adopted early
Certain new accounting standards, amendments to accounting
standards and interpretations have been published that are not
mandatory for 29 January 2023 reporting periods and have not been
early adopted by the Group. These standards, amendments or
interpretations are not expected to have a material impact on the
entity in the current or future reporting periods or on foreseeable
future transactions.
2. Segment reporting
The Board and senior executives have been identified as the Group's chief operating decision-makers,
who review the Group's internal reporting in order to assess performance and allocate resources.
The performance of the operating segments is assessed by reference to their gross profit.
Soft drinks Cocktail solutions Other Total
Year ended 29 January 2023 GBPm GBPm GBPm GBPm
------------------------------------------ ------------------ ----------------------------- ------- -------
Total revenue 266.6 42.8 8.2 317.6
Gross profit 109.6 16.2 2.3 128.1
------------------------------------------ ------------------ ----------------------------- ------- -------
Soft drinks Cocktail solutions Other Total
Year ended 30 January 2022 GBPm GBPm GBPm GBPm
------------------------------------------ ------------------ ----------------------------- ------- -------
Total revenue 230.6 36.9 1.1 268.6
Gross profit 103.5 14.7 0.4 118.6
------------------------------------------ ------------------ ----------------------------- ------- -------
There are no material intersegment sales. All revenue is in relation to product sales, which
is recognised at a point in time, upon delivery to the customer.
All of the assets and liabilities of the Group are managed on a central basis rather than
at a segment level. As a result, no reconciliation of segment assets and liabilities to the
statement of financial position has been disclosed for either of the periods presented.
Included in revenues arising from the above segments are revenues of approximately GBP60.3m,
which arose from sales to the Group's largest customer (2022: GBP51.5m). No other single customers
contributed 10% or more to the Group's revenue in either 2022 or 2023.
All of the segments included within "Soft drinks" and "Cocktail solutions" meet the aggregation
criteria set out in IFRS 8 Operating Segments.
Geographical information
The Group operates predominantly in the UK with some worldwide sales. All of the operations
of the Group are based in the UK.
2023 2022
Revenue GBPm GBPm
-------------------------------------------------------------- ----------------------------- ----------------
UK 303.7 257.3
Rest of the world 13.9 11.3
-------------------------------------------------------------- ----------------------------- ----------------
317.6 268.6
-------------------------------------------------------------- ----------------------------- ----------------
The rest of the world revenue includes sales to the Republic of Ireland and international
wholesale export houses.
All of the assets of the Group are located in the UK.
3. Taxation
2023 2022
GBPm GBPm
------------------------------------------------------------------------------- ------ --------------------
Charge/(credit) to the income statement
Current tax on profits for the year 7.0 7.1
Adjustments in respect of prior years 0.7 (0.3)
------------------------------------------------------------------------------- ------ --------------------
Total current tax expense 7.7 6.8
Deferred tax
Origination and reversal of:
Temporary differences 3.5 1.3
Adjustment for change in corporation tax rate - 5.7
Adjustments in respect of prior years (0.7) 0.6
------------------------------------------------------------------------------- ------ --------------------
Total deferred tax expense 2.8 7.6
Total tax expense 10.5 14.4
------------------------------------------------------------------------------- ------ --------------------
In addition to the above movements in deferred tax, a deferred tax debit of GBP0.6m (2022:
credit of GBP0.3m) has been recognised in other comprehensive income and a debit of GBP0.2m
(2022: credit of GBP0.4m) has been taken direct to reserves. In addition, a deferred tax liability
of GBP4.3m has been recognised on the acquisition of Boost.
The tax on the Group's profit before tax differs from the amount that would arise using the
tax rate applicable to the consolidated profits of the Group as follows:
2023 2023 2022 2022
GBPm % GBPm %
------------------------------------------------------------------------------- ------ ------ ----- -----
Profit before tax 44.4 42.2
Tax at 19% (2022: 19.0%) 8.4 19.0 8.0 19.0
Tax effects of:
Items that are not deductible in determining taxable profit 2.1 4.6 0.4 0.9
Current tax adjustment in respect of prior years 0.7 1.6 (0.3) (0.7)
Deferred tax adjustment in respect of prior years (0.7) (1.6) 0.6 1.4
Deferred tax adjustment in respect of change in corporation tax rates - - 5.7 13.5
------------------------------------------------------------------------------- ------ ------ ----- -----
Total tax expense 10.5 23.6 14.4 34.1
------------------------------------------------------------------------------- ------ ------ ----- -----
The weighted average tax rate was 23.6% (2022: 34.1%).
In March 2021, the UK Government announced that the corporation tax rate would increase from
19% to 25% effective from 1 April 2023, which was substantively enacted on 24 May 2021. The
impact of this was a one-off increase in the deferred tax charge of GBP5.7m. The Finance Act
2022, which received Royal Assent on 24 February 2022, will not have any impact on the corporation
tax figures.
4. Dividends
Dividends paid in the financial year were as follows:
2023 2022 2023 2022
per share per share GBPm GBPm
----------------------------------------------------- ----------------- ---------------- --------- ---------
Final dividend 10.00 p - 11.1 -
Interim dividend 2.50 p 2.00 p 2.8 2.2
Special dividend - p 10.00 p - 11.2
----------------------------------------------------- ------------ --- ------------ --------- ---------
12.50 p 12.00 p 13.9 13.4
----------------------------------------------------- ------------ --- ------------ --------- ---------
The directors have proposed a final dividend in respect of the year ended 29 January 2023
of 10.6p per share. It will be paid on 9 June 2023 to all shareholders who are on the Register
of Members on 12 May 2023.
In the year ended 30 January 2022, following a review of the Group's net cash position and
future funding requirements, the Board approved a special dividend of 10.0p per share recognising
the benefit of a number of one-off cash inflows that were outside normal trading.
Dividends payable in respect of the financial year were as follows:
2023 2022
per share per share
----------------------------------------------------- ----------------- ----------------
Final dividend 10.60 p 10.00 p
Interim dividend 2.50 p 2.00 p
----------------------------------------------------- ------------ --- ------------
13.10 p 12.00 p
Special dividend - 10.00 p
----------------------------------------------------- ------------ --- ------------
Total dividend payable 13.10 p 22.00 p
----------------------------------------------------- ------------ --- ------------
5. Investment in subsidiaries
2023 2022
GBPm GBPm
------------------------------------------------------------------------------- ----------- -----------
Opening investment in subsidiaries 90.3 84.1
Investments made in the year 23.3 6.2
Closing investment in subsidiaries 113.6 90.3
------------------------------------------------------------------------------- ----------- -----------
On 5 December 2022, the Group acquired 100% of the shares and voting interests in Boost Drinks
Holdings Limited ("Boost") granting it control. Included in the identifiable assets and liabilities
of Boost are inputs (inventories, receivables and payables) and an experienced workforce with
technical expertise. The Group has concluded that, together, the acquired inputs and processes
are a business that will create value by generating revenue in the soft drinks category, supported
by the Group's brand building capability.
For the two months ended 29 January 2023, Boost contributed revenue of GBP7.3m and had an
immaterial impact on profit. Had Boost been a subsidiary for the full financial year, it would
have contributed c. GBP50m revenue to the Group and c.GBP1.0m profit.
The value of the identifiable assets and liabilities of Boost at the date of acquisition were:
GBPm
-------------------------------------------------------------------------------------------- -----------
Property, plant and equipment 0.2
Right-of-use assets 0.3
Intangible assets 16.9
Inventory 6.0
Trade receivables 8.5
Cash and cash equivalents 1.3
Trade payables (7.1)
Accruals (2.8)
Lease creditors (0.3)
Other taxes and social security (0.7)
Current tax (0.2)
Deferred tax (4.1)
-------------------------------------------------------------------------------------------- -----------
Total identifiable net assets acquired 18.0
Goodwill 1.9
Value on acquisition 19.9
Total consideration 19.9
-------------------------------------------------------------------------------------------- -----------
Represented by:
Cash 19.9
-------------------------------------------------------------------------------------------- -----------
The acquisition includes a potential additional consideration of up to GBP12.0m payable depending
on the successful delivery of future performance during an earn-out period commencing 1 December
2022 and ending 20 November 2024.
On 20 December 2022 the Group acquired the remaining 38.2% equity stake in MOMA Foods Ltd
("MOMA") for a total cash consideration of GBP3.4m.
On 6 December 2021, the Group acquired 61.8% of the shares and voting interests in MOMA granting
it control. Included in the identifiable assets and liabilities of MOMA are inputs (inventories,
receivables and payables and an experienced workforce with technical expertise. The Group
has concluded that, together, the acquired inputs and processes are a business that will create
value by generating revenue in the growing plant-based drinks category, supported by the Group's
brand building capability.
The value of the identifiable assets and liabilities of MOMA at the date of acquisition were:
GBPm
-------------------------------------------------------------------------------- -------------------------------
Property, plant and equipment 0.2
Intangible assets 8.4
Inventory 0.6
Trade receivables 1.0
Prepayments 0.1
Cash and cash equivalents 0.4
Trade payables (0.7)
Accruals (0.7)
Loans (0.3)
-------------------------------------------------------------------------------- -------------------------------
Total identifiable net assets acquired 9.0
Goodwill 1.0
Value on acquisition 10.0
Non-controlling interest (3.8)
-------------------------------------------------------------------------------- -------------------------------
Total consideration 6.2
-------------------------------------------------------------------------------- -------------------------------
Represented by:
Cash 6.2
-------------------------------------------------------------------------------- -------------------------------
As part of the arrangements with non-controlling shareholders of MOMA, the Group issued put
options to the sellers to sell the remaining shares and simultaneously the seller issued call
options to the Group to purchase the remaining shares. At the acquisition date, the Group
recognised a put liability of GBP8.6m recorded at a present value of GBP5.0m being the estimated
redemption value, using forecast revenue of MOMA, discounted at a post-tax rate of 18%.
The put liability was derived from an internal valuation, using forecast revenue over the
exercise period, discounted at a post-tax rate of 18% and assumed the option was exercised
in full in the third year following the date of acquisition. As the Group now owns 100% of
MOMA the put liability has been released in the year to 29 January 2023.
Acquisition-related costs
The Group incurred acquisition-related costs of GBP1.2m (year to 30 January 2022 GBP0.2m)
on legal fees and due diligence costs. These costs have been included in 'Administrative expenses'.
The goodwill arising represents potential revenue synergies. It is anticipated that on disposal,
goodwill and brand will be deductible for tax purposes.
The principal subsidiaries are as follows:
Principal subsidiary Principal activity Country of incorporation Country of principal operations
----------------------- ---------------------------- ------------------------- -------------------------------
Distribution and selling
Funkin Limited of cocktail solutions England UK
Distribution and selling
Funkin USA Limited of cocktail solutions England UK
Distribution of fruit based
Rubicon Drinks Limited soft-drinks England UK
Distribution and selling
MOMA Foods Ltd of oat drinks and cereals England UK
Distribution and selling
Boost Drinks Limited of soft-drinks England UK
----------------------- ---------------------------- ------------------------- -------------------------------
A.G. BARR p.l.c. holds 100% of the equity and votes of the subsidiaries. (Year ended 30 January
2022: 100% with the exception of MOMA: 68.2%). The subsidiaries have the same year end as
A.G. BARR p.l.c. and have been included in the Group consolidation. The companies listed are
the trading subsidiaries.
CAUTIONARY STATEMENT
This report is addressed to the shareholder of A.G. BARR p.l.c.
and has been prepared solely to provide information to them.
This report is intended to inform the shareholders of the
Group's performance for the year ended 29 January 2023. This report
contains forward-looking statements based on knowledge and
information available to the directors as at the date the report
was prepared. These statements should be treated with caution due
to the inherent uncertainties underlying any forward-looking
information and any statements about the future outlook may be
influenced by factors that could cause actual outcomes and results
to be materially different.
Glossary
Non-GAAP measures are provided because they are tracked by management to assess the Group's
operating performance and to inform financial, strategic and operating decisions.
Definition of non-GAAP measures used are provided below:
Adjusted earnings per shar e is a non-GAAP measure calculated by dividing adjusted profit
attributable to equity holders by the weighted average number of shares in issue.
Adjusted EBITD A is a non-GAAP measure and is defined as adjusted operating profit before
depreciation and amortisation.
Adjusted EBITDA margi n is a non-GAAP measure and is calculated as adjusted EBITDA divided
by adjusted revenue.
Adjusted operating margin is a non-GAAP measure calculated by dividing adjusted operating
profit by adjusted revenue.
Adjusted operating profit is a non-GAAP measure calculated as operating profit after adjusting
items.
Adjusted profit before ta x is non-GAAP measure calculated as reported profit before tax
after adjusting entries as disclosed in the adjusting entries accounting policy.
Adjusted revenue is a non-GAAP measure calculated as revenue after adjusting items.
Capital expenditur e is a non-GAAP measure and is defined as the purchases of property, plant
and equipment, and is disclosed in the property, plant and equipment note.
EBITDA is a non-GAAP measure and is defined as operating profit before depreciation and amortisation.
EBITDA margi n is a non-GAAP measure and is calculated as EBITDA divided by revenue.
Free cash flow is a non-GAAP measure and is defined as the net cash flow as per the cash
flow statement excluding the movements in borrowings, the net cash flow on the purchase and
sale of shares by employee benefit trusts and dividend payments.
Full year dividen d is a non-GAAP measure and is defined as the total dividends declared
for the financial year excluding any special dividends.
Gross margi n is a non-GAAP measure calculated by dividing gross profit by revenue.
Like-for-like revenue growth is a non-GAAP measured comparing adjusted revenue in the current
year to the prior year excluding MOMA and Boost revenues in each year.
Market capitalisatio n is a non-GAAP measure and is defined as the closing share price at
the end of a reporting period multiplied by the number of issued and fully paid shares of
the Company.
Net cash at bank is a non-GAAP measure and is defined as the net of cash and cash equivalents
plus short-term investments less loans and other borrowings as shown in the statement of financial
position.
Net funds/(debt ) is a non-GAAP measure and is defined as cash and cash equivalents plus
short-term investments less lease liabilities and overdrafts.
Operating margi n is a non-GAAP measure calculated by dividing operating profit by revenue.
Return on capital employed (ROCE) is a non-GAAP measure and is defined as reported profit
before tax as a percentage of invested capital. Invested capital is a non-GAAP measure defined
as period end non-current plus current assets less current liabilities excluding all balances
relating to any provisions, financial instruments, interest-bearing liabilities and cash or
cash equivalents.
Revenue growt h is a non-GAAP measure calculated as the difference in revenue between two
reporting periods divided by the revenue of the earlier reporting period.
Reconciliation of Non-GAAP measures
Adjusted Consolidated Income Statements
Year ended 29 January 2023 Year ended 30 January 2022
---------------------------------------------------------------- -------------------------------------
MOMA Gain on Boost Gain on Extra
acquisition sale of acquisition Boost sale of week
Reported impact property fees earn-out Adjusted Reported property trading Adjusted
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------- -------- ----------- -------- ----------- -------- -------- -------- -------- ------- --------
Revenue 317.6 - - - - 317.6 268.6 - (6.8) 261.8
Cost of
sales (189.5) - - - - (189.5) (150.0) - 3.7 (146.3)
----------- ======== ----------- -------- ----------- -------- -------- -------- -------- ------- --------
Gross
profit 128.1 - - - - 128.1 118.6 - (3.1) 115.5
Other
income 1.3 - (1.3) - - - 0.7 (0.7) - -
Operating
expenses (84.1) (2.7) - 1.2 0.8 (84.8) (76.6) - - (76.6)
----------- -------- ----------- -------- ----------- -------- -------- -------- -------- ------- --------
Operating
profit 45.3 (2.7) (1.3) 1.2 0.8 43.3 42.7 (0.7) (3.1) 38.9
Finance
income 0.5 - - - - 0.5 - - - -
Finance
costs (1.4) 1.1 - - - (0.3) (0.4) - - (0.4)
Share of
after tax
results of
associates - - - - - - (0.1) - - (0.1)
=========== ======== =========== ======== =========== ======== ======== ======== ======== ======= ========
Profit
before tax 44.4 (1.6) (1.3) 1.2 0.8 43.5 42.2 (0.7) (3.1) 38.4
Tax on
profit (10.5) - - - - (10.5) (14.4) - - (14.4)
----------- -------- ----------- -------- ----------- -------- -------- -------- -------- ------- --------
Profit for
the period 33.9 (1.6) (1.3) 1.2 0.8 33.0 27.8 (0.7) (3.1) 24.0
----------- -------- ----------- -------- ----------- -------- -------- -------- -------- ------- --------
Adjusting entries:
MOMA acquisition impac t - the remeasurement and release of the contingent consideration
in respect of MOMA Foods Ltd following the Group's acquisition of the remaining 38.2% minority
interest in December 2022.
Gain on sale of property - the gain on the disposal of the Newcastle distribution site in
the year to 29 January 2023 and Sheffield distribution depot in the year to 30 January 2022.
Boost acquisition fees - the acquisition fees incurred on the successful acquisition of Boost
Drinks Holdings Limited
Boost earn-out - the accrual related to the potential payment of GBP10m associated with the
acquisition of Boost Drinks Holdings Limited earn-out.
Extra week trading - the 12 months to 29 January 2023 was a 52 week period and the year ended
30 January 2022 was a 53 week period. This extra week of trading is removed for comparative
purposes.
Like-for-like revenue growth GBPm
============================================= -----
Adjusted revenue for year to 29 January 2023 317.6
Less Boost (7.3)
Less MOMA revenue (8.2)
============================================= =====
302.1
Adjusted revenue for period to 30 January
2022 261.8
============================================= =====
Less MOMA (1.1)
============================================= =====
260.7
============================================= =====
Movement 41.4
============================================= =====
Growth 15.9%
============================================= =====
Reconciliation of non-GAAP measures
2023 2022
EBITDA GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Operating profit reported 45.3 42.7
Depreciation and amortisation 11.0 11.2
------------------------------------------------------------------- ----------- -----------
EBITDA 56.3 53.9
------------------------------------------------------------------- ----------- -----------
2023 2022
EBITDA margin GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Revenue 317.6 268.6
EBITDA 56.3 53.9
------------------------------------------------------------------- ----------- -----------
EBITDA margin 17.7% 20.1%
------------------------------------------------------------------- ----------- -----------
2023 2022
Adjusted EBITDA GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Operating profit adjusted 43.3 38.9
Depreciation and amortisation 11.0 11.2
------------------------------------------------------------------- ----------- -----------
Adjusted EBITDA 54.3 50.1
------------------------------------------------------------------- ----------- -----------
2023 2022
Adjusted EBITDA margin GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Adjusted revenue 317.6 261.8
Adjusted EBITDA 54.3 50.1
------------------------------------------------------------------- ----------- -----------
Adjusted EBITDA margin 17.1% 19.1%
------------------------------------------------------------------- ----------- -----------
Adjusted EPS 2023 2022
------------------------------------------------------------------- ----------- -----------
Adjusted profit attributable to equity holders of the Company GBPm 33.0 24.0
Weighted average number of shares in issue 111,258,209 111,187,778
------------------------------------------------------------------- ----------- -----------
Adjusted EPS (p) 29.66 21.59
------------------------------------------------------------------- ----------- -----------
2023 2022
Full year dividend pence pence
------------------------------------------------------------------- ----------- -----------
Interim dividend paid 2.5 2.0
Final dividend declared 10.6 10.0
------------------------------------------------------------------- ----------- -----------
Full year dividend 13.1 12.0
------------------------------------------------------------------- ----------- -----------
2023 2022
Gross margin reported GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Revenue 317.6 268.6
Reported gross profit 128.1 118.6
------------------------------------------------------------------- ----------- -----------
Gross margin reported 40.3% 44.2%
------------------------------------------------------------------- ----------- -----------
2023 2022
Net cash at bank GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Cash and cash equivalents 13.6 68.7
Short-term investments 40.0 -
Loans and other borrowings (0.7) (0.3)
------------------------------------------------------------------- ----------- -----------
Net cash at bank 52.9 68.4
------------------------------------------------------------------- ----------- -----------
2023 2022
Operating margin GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Revenue 317.6 268.6
Reported operating profit 45.3 42.7
------------------------------------------------------------------- ----------- -----------
Operating margin 14.3% 15.9%
------------------------------------------------------------------- ----------- -----------
2023 2022
Adjusted operating margin GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Adjusted revenue 317.6 261.8
Adjusted operating profit 43.3 38.9
------------------------------------------------------------------- ----------- -----------
Adjusted operating margin 13.6% 14.9%
------------------------------------------------------------------- ----------- -----------
2023 2022
ROCE GBPm GBPm
------------------------------------------------------------------- ----------- -----------
Profit before tax 44.4 42.2
Intangible assets 116.2 98.6
Property, plant and equipment 102.5 93.8
Right-of-use assets 5.4 4.2
Investment in associates 0.7 0.7
Inventories 34.7 24.2
Trade and other receivables 60.4 44.3
Current tax (0.7) 0.3
Trade and other payables (72.3) (54.0)
Invested capital 246.9 212.1
------------------------------------------------------------------- ----------- -----------
ROCE 18.0% 19.9%
------------------------------------------------------------------- ----------- -----------
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FR NKOBNOBKDBNB
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March 28, 2023 02:00 ET (06:00 GMT)
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