Britain's AG Barr has raised its annual profit forecast and said that revenue for the year is set to top pre-COVID-19 pandemic levels after it enjoyed strong sales of soft drinks like Irn-Bru and cocktail mixer brand Funkin.
While drinking in pubs and restaurants took a hit due to COVID-19-related curbs in Britain with renewed restrictions in December due to the Omicron variant, at-home drinking has picked up over the course of the pandemic.
Cost Control Actions
AG Barr said that it has initiated cost control actions, including increasing the prices of its drinks, to mitigate a hit from previously-flagged inflationary cost pressures.
Revenue Forecast And Profit Expectation
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The beverages group forecast revenue of £267 million for the year ended 30 January, and said that it expects profit before tax and one-time items to be slightly ahead of its forecast in November.
"We have remained fully operational throughout the year," CEO Roger White said, adding that the company will make further investments into the business, giving it confidence for continued growth in the coming year.
AG Barr rival and tonic maker Fevertree had also raised its annual revenue forecast last month.