11 June 2007 - A.G.BARR p.l.c. is today publishing its first Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency rules, relating to the period from 28 January to 28 April, 2007.
Overall revenue for the first 13 weeks of the financial year increased by 21% compared with the same period last year. Like for like sales, stripping out the effect of the Strathmore business (purchased on 1 June, 2006) were 11% ahead of last year.
This strong sales performance reflects some promotional phasing changes which favour the current year as well as a stronger underlying soft drinks market which due to seasonally above average weather conditions in the period grew by 8% in value terms.
Year on year revenue comparisons will now come up against last year's exceptional early summer weather.
Operating margins are in line with expectations with continued pressure from rising material prices being offset by product price increases, implemented during the period.
The installation of our new canning line at Cumbernauld has made good progress and the commissioning is well on plan. This will allow for the closure of our Atherton site at the end of June.
Our balance sheet remains strong and there have been no significant changes in the financial position of the Company since the publication of the Report & Accounts in respect of the year ended 27 January, 2007.
Outlook
Our trading outlook remains in line with expectations. The business remains focused on developing our sales revenue at the same time as delivering the benefits associated with our major asset redevelopment programme.