Irn-Bru maker teases "exciting plans" despite 30 per cent profit spill

The soft drinks manufacturer behind Irn-Bru has today teased plans for “significant investment” after a 30 per cent dip in profits.

A.G. Barr, which also produces Rubicon, said that it is planning for “significant investment” in the coming year to support its growth initiative, adding that it has “exciting plans” to deliver.

This comes after a year hit by the impact of Covid-19, with profit before tax dropping by 30.5 per cent from £37.4m to £26m.

However, the company also reported that it ended the financial year with £50m net cash at bank, nearly five times 2019’s £10.9m.

Roger White, chief executive of Barr’s, commented: “We delivered a resilient financial performance in a year that was difficult for all.

“I am extremely proud of everyone in our business for their commitment and flexibility, which allowed us to remain fully operational throughout the pandemic.

“Across the year, we continued to focus on our key strategic initiatives. We have significantly progressed our multi-beverage strategy, extended our reach into new channels and accelerated our roadmap towards net zero, which we aim to deliver by 2040.

“We closed the year in strong financial health, with our brands and business poised for growth on a like for like basis, and with the clear intention to recommence dividend payments in 2021.

“Whilst there now appears to be a route out of lockdown, the immediate future remains uncertain.

“Notwithstanding this current backdrop, our strategy for the year ahead is to support our core growth initiatives with significant investment.

“We have exciting plans to deliver across the group and are confident of continuing to make further progress in the coming year.”