REG - Barr(A.G.) PLC - Interim Results
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RNS Number : 2869B Barr(A.G.) PLC 30 September 2025
IMMEDIATE RELEASE
30 September 2025
A.G. BARR p.l.c. ("A.G. BARR")
A.G. BARR p.l.c., the branded multi-beverage business with a portfolio of
market-leading UK brands, including IRN-BRU, Rubicon, Boost and FUNKIN.
INTERIM RESULTS FOR THE 26 WEEKS ENDED 26 JULY 2025
Strong H1 results with margin expansion and continued strategic progress.
Full year profit expectations reconfirmed.
Financial summary
26 wks to 26 July 2025 26 wks to 27 July 2024 Increase / (Decrease)
Revenue £228.1m £221.3m 3.1%
Adjusted Profit Before Tax* £35.2m £29.3m 20.1%
Adjusted Operating Margin* 15.0% 13.0% 200 bps
Adjusted EPS (basic pence/share)* 24.90p 19.86p 25.4%
Statutory Profit Before Tax £35.2m £24.9m 41.4%
Statutory Operating Margin 15.0% 11.0% 400 bps
Statutory EPS (basic pence/share) 24.90p 16.88p 47.5%
Net cash at bank* £41.3m £43.7m (5.5%)
Interim dividend 3.44p 3.10p 11.0%
* Items marked with an asterisk are non-GAAP measures. Definitions and
relevant reconciliations are provided at the end of this announcement. There
were no adjusting items in the period. Adjusted is used as the prior year
comparative included adjusting items.
Highlights
o Revenue growth of 3.1% with Soft Drinks revenue up 3.3%. Double-digit
revenue growth in Boost a key driver.
o Adjusted operating margin* up 200 bps to 15.0% demonstrating further
progress from our margin improvement programme.
o Adjusted profit before tax* up 20.1% through continued execution of our
strategy.
o Continuing to move our portfolio into high growth functional beverages
exemplified by our acquisition of a 50.1% stake in Innate-Essence Ltd in July
2025. Completed the sale of Strathmore, reflecting our disciplined approach to
capital allocation.
o A strong net cash at bank* of £41.3m, after the acquisition of
Innate-Essence, reflecting the cash generative nature of our business model.
o An Interim dividend of 3.44 pence per share, up 11.0% on the prior
year.
Euan Sutherland, Chief Executive Officer, commented:
"I am pleased to report strong first half results that reflect continued
delivery against our strategic priorities and positive momentum across the
business. We are making good progress putting in place the building blocks of
long-term growth.
We are investing in our brands, operations and people to build a stronger,
scalable, more profitable business. Our Soft Drinks portfolio performed well
in H1 and we expect continued growth in H2 underpinned by increased marketing
activity and new product innovation. We also continue to diversify our
portfolio into high growth segments, with our recent expansion into the
functional beverages space via the acquisition of Innate-Essence which
includes The Turmeric Co and Raw Hydrate brands.
Our expectations for the full year 2025/26 are unchanged, and we remain
confident in our strategy and ability to deliver sustainable, profitable
growth over the long-term."
For more information, please contact:
A.G. BARR 0330 390 3900
Euan Sutherland, Chief Executive Officer
Stuart Lorimer, Chief Finance and Operating Officer
Ewan Dytch, Corporate Finance Director
MHP Group 07801 894 577
Oliver Hughes
Rachel Farrington
Veronica Farah
_________________________________________________________________________________________
Interim statement
Revenue increased by 3.1% to £228.1m (2024/25 H1: £221.3m), driven by growth
in our Soft Drinks business where Boost was the standout performer. Adjusted
operating margin* increased by 200 bps to 15.0%, reflecting improving
manufacturing efficiencies, the continued delivery of strategic business
initiatives and disciplined cost management. The combination of revenue growth
and margin expansion delivered a 20.1% increase in adjusted profit before tax*
to £35.2m (2024/25 H1: £29.3m).
We are pleased with the positive momentum across the business, which reflects
the strength of our brand portfolio and the successful execution of key
strategic initiatives.
Market context
The UK soft drinks market was up year-on-year, led by continued momentum in
segments such as water and sports and energy drinks. Promotional activity has
intensified and there has been strong growth in the grocery multiple channel
in particular. Consumer confidence remains subdued. Our revenue growth largely
reflected pricing actions taken in Q1 which temporarily impacted volumes;
however, we recorded a number of record-breaking revenue weeks towards the end
of the half as momentum built towards H2.
The ready-to-drink (RTD) cocktails segment within the take-home market
continued to perform strongly. FUNKIN retained its position as a leading RTD
cocktail brand and delivered retail sales value growth of 3.8%^ over the
period. We continued to experience a challenging on-trade sector in line with
the wider market.
^(Source: Nielsen data for the 26 weeks to 26 July 2025)
The 'healthier for you' functional drinks market in the UK experienced strong,
double-digit growth, albeit from a relatively small base, driven by
health-conscious consumers seeking added benefits beyond basic hydration. Our
presence in this sector is in its infancy, however our expansion strategy is
strongly aligned with the growth drivers within the space, with a keen focus
on innovation and M&A.
Strategic update
Key strategic priorities for the business are: growing our core soft drinks
portfolio; expanding our presence in functional beverages; driving operational
efficiency; and delivering value-creating M&A. In July 2025, we acquired a
50.1% share in Innate-Essence Ltd, a functional drinks business specialising
in health and wellness-led innovation which aligns with our ambition to
diversify into higher-value, on-trend categories.
We also completed the disposal of the Strathmore water brand during the
period, reflecting our disciplined approach to capital allocation and
sharpening of focus on core brand growth opportunities.
As part of our 'front of the chiller' strategy, we continue to see significant
distribution headroom across all our brands, offering future growth potential
without requiring significant category expansion. Our 'back of the chiller'
priorities focus on operational efficiency and capacity expansion, and our
plans will deliver greater capability and capacity within our manufacturing
sites as well as broader supply chain effectiveness. Looking ahead, our
strengthening innovation pipeline is aligned to emerging consumer trends such
as healthy hydration and wellbeing, underpinning our long-term growth
ambitions.
Business performance
Overall revenue growth of 3.1% driven by Soft Drinks portfolio.
Revenue Change vs H1 2024/25
Soft drinks £201.0m 3.3%
Cocktail solutions £20.0m (5.2%)
Other £7.1m 26.8%
Boost was a key driver of the Soft Drinks revenue increase, delivering strong
double-digit revenue growth following brand changes implemented in 2024/25.
This was primarily driven by performance in the Wholesale channel. In line
with our strategy to broaden Boost's distribution and brand reach, we have
taken early steps to expand Boost into Retail but this opportunity continues
to be ahead of us.
Sales of IRN-BRU were in line with the prior year, with momentum building
through H1. We expect growth in H2 powered by increased marketing investment
and a new limited-edition flavour launch, aligned with our long-term strategy
to scale IRN-BRU nationally.
After several years of double-digit growth, Rubicon delivered a more modest
revenue increase in H1. Performance was supported by the launch in Q2 of
Rubicon Spring Vits, a new functional drink tapping into the growing trend for
enhanced beverages. The launch of Rubicon's new "Big Flavour Behaviour"
communications platform in H1 will continue to be supported in H2 through
further campaign investment. Additionally, Rubicon has a strong innovation
pipeline for H2, including new carbonate flavours to drive growth in our core
brand and a new clear liquid product targeting the health-conscious
consumer.
Cocktails solutions revenue declined by 5.2% versus the prior year, primarily
reflecting performance in the first quarter. However, performance improved in
Q2, supported by successful new product launches. We anticipate a stronger H2,
driven by sustained brand activations.
In operations, our manufacturing performance continues to improve and we are
seeing the benefits of long-term investment in people and equipment. The
Cumbernauld factory manufacturing line refresh programme remains on track,
with the final phase being the replacement of the site's can line by early
2026.
Cash flow and balance sheet
Net cash from operating activities of £15.7m was £2.7m higher than the prior
year (2024/25 H1: £13.0m). Working capital was well managed throughout H1,
supported by prompt cash collection from customers, no material unrecoverable
trade debt and efficient inventory levels.
Capital expenditure* in H1 was £11.0m (2024/25 H1: £7.4m). As in the prior
year, we expect higher capital expenditure in H2 due to the phasing of project
activity. Full-year capital expenditure is expected to be c.£30m (2024/25 FY:
£19.2m), primarily focused on continued investment in manufacturing lines and
supporting infrastructure at our Cumbernauld and Milton Keynes sites.
The business closed the period with net cash at bank* of £41.3m. Reflecting
the cash generative nature of our business, this was only £2.4m lower than
the Interim reporting date in the prior year, despite the cash outflow in
acquiring Innate-Essence. The closing net cash at bank* balance was £22.6m
less than the period opening position (2024/25 FY: £63.9m) as a result of the
build of working capital in the first half which includes our peak trading
period in addition to the normal funding of dividends, tax and capital
expenditure. We expect our cash balance to increase in H2 as it has
historically.
Board
As previously communicated, Dr Rohit Dhawan has been appointed as a
Non-Executive Director, and joined the Board on 29 July 2025.
Rohit brings over 25 years of experience to the Board, having had an
exceptional career focused on transforming businesses through data, AI, and
digital innovation, and brings deep expertise from across consumer industries.
He is currently Group Head of AI at Lloyds Banking Group plc, having
previously held senior roles across globally-renowned organisations such as
Amazon, Accenture, SAS, Deloitte, and IBM. Rohit will be a member of the Board
Sub-committees.
Dividend
The Board has declared an interim dividend for the 26 weeks ended 26 July 2025
of 3.44 pence per share (2024/25 HY: 3.10 pence) payable on 7 November 2025 to
shareholders on the register on 10 October 2025. This is in line with our
policy of the interim dividend being 25% of the prior year final dividend.
Outlook
Our first half performance was in line with our expectations and reflects
meaningful positive progress against our strategic plans. We entered the
second half with good momentum, supported by a strong programme of brand
activity, innovation and commercial execution. We have a clear plan for H2,
aligned to our long-term growth strategy, and remain focused on investing
behind our brands to drive top-line growth.
We continue to advance key strategic initiatives that will support future
revenue and profit delivery - including innovation, M&A and supply chain
capabilities - while remaining disciplined in our approach to cost and capital
allocation. We are confident that our plans for the second half will result in
continued revenue growth, year-on-year operating margin improvement and a
strong, consistent return on capital employed over the full year.
Looking further ahead, we are well positioned to deliver long-term
sustainable, profitable growth as we execute against our strategic
priorities.
Mark Allen
Chairman
Euan Sutherland
Chief Executive Ofiicer
* Items marked with an asterisk are non-GAAP measures. Definitions and
relevant reconciliations are provided at the end of this announcement. There
were no adjusting items in the period. Adjusted is used as the prior year
comparative included adjusting items.
^ Source: Nielsen data for the 26 weeks to 26 July 2025
Consolidated Condensed Income Statement
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
Note £m £m £m
Revenue 6 228.1 221.3 420.4
Cost of sales (131.8) (132.2) (256.1)
Gross profit 6 96.3 89.1 164.3
Operating expenses (62.1) (64.8) (112.6)
Operating profit 8 34.2 24.3 51.7
Finance income 9 1.1 0.8 2.0
Finance costs 9 (0.1) (0.2) (0.5)
Profit before tax 35.2 24.9 53.2
Tax on profit 10 (7.7) (6.2) (13.5)
Profit for the period 27.5 18.7 39.7
Attributable to:
Equity shareholders of the parent Company 27.7 18.7 39.7
Non-controlling interests 14 (0.2) - -
Earnings per share (pence)
Basic earnings per share 11 24.90 16.88 35.81
Diluted earnings per share 11 24.61 16.72 35.43
Consolidated Condensed Statement of Comprehensive Income
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
£m £m £m
Profit for the period 27.5 18.7 39.7
Other comprehensive (expense)/income
Items that will not be reclassified to profit or loss
Remeasurements on defined benefit pension plans (Note 17) (7.2) - 0.1
Deferred tax movements on items above 1.8 - 1.5
Items that will be or have been reclassified to profit or loss
Gain/loss arising on cash flow hedges during the period 0.5 (0.6) 0.1
Deferred tax movements on items above (0.1) 0.2 -
Other comprehensive (expense)/income for the period, net of tax (5.0) (0.4) 1.7
Total comprehensive income for the period 22.5 18.3 41.4
Attributable to:
Equity shareholders of the parent Company 22.7 18.3 41.4
Non-controlling interests (0.2) - -
Consolidated Condensed Statement of Financial Position
Unaudited Unaudited Audited
As at 26 July 2025 As at 27 July 2024 As at 25 January 2025
Note £m £m £m
Non-current assets
Intangible assets 13 151.1 129.9 129.2
Property, plant and equipment 122.8 107.8 118.0
Right-of-use assets 4.7 4.6 5.0
Retirement benefit surplus 17 1.1 6.2 6.8
279.7 248.5 259.0
Current assets
Inventories 37.4 35.6 31.7
Trade and other receivables 113.3 94.1 76.8
Assets classified as held for sale 0.6 2.1 0.9
Derivative financial instruments 15 0.5 - 0.2
Current tax asset 0.7 0.2 0.4
Short-term investments 15.0 32.5 42.5
Cash and cash equivalents 26.3 17.3 21.4
193.8 181.8 173.9
Total assets 473.5 430.3 432.9
Current liabilities
Trade and other payables 95.9 86.9 73.2
Loans and other borrowings 16 0.1 6.1 -
Derivative financial instruments 15 0.1 0.5 0.3
Lease liabilities 16 1.9 1.7 1.8
Provisions 1.0 2.0 1.1
99.0 97.2 76.4
Non-current liabilities
Deferred tax liabilities 39.9 33.0 36.0
Loans and other borrowings 16 0.2 - -
Lease liabilities 16 2.7 2.6 2.8
Derivative financial instruments 15 - 0.1 0.1
Contingent consideration 14 2.0 - -
44.8 35.7 38.9
Capital and reserves
Share capital 4.7 4.7 4.7
Share premium account 0.9 0.9 0.9
Share options reserve 3.2 3.1 3.6
Other reserves 0.4 (0.5) -
Retained earnings 312.7 289.2 308.4
Total shareholder equity 321.9 297.4 317.6
Non-controlling interest in equity 14 7.8 - -
Total equity and liabilities 473.5 430.3 432.9
Consolidated Condensed Statement of Changes in Equity (Unaudited)
Share capital Share premium account Share options reserve Other reserves Retained earnings Total Non-controlling interests Total
£m £m £m £m £m £m £m £m
At 25 January 2025 4.7 0.9 3.6 - 308.4 317.6 - 317.6
Profit/(loss) for the period - - - - 27.7 27.7 (0.2) 27.5
Other comprehensive income/(expense) - - - 0.4 (5.4) (5.0) - (5.0)
Total comprehensive income/(expense) for the period - - - 0.4 22.3 22.7 (0.2) 22.5
Company shares purchased for use by employee benefit trusts - - - - (4.9) (4.9) - (4.9)
Proceeds on disposal of shares by employee benefit trusts - - - - 0.4 0.4 - 0.4
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 - - 0.2 - - 0.2 - 0.2
Recognition of non-controlling interests (Note 14) - - - - - - 8.0 8.0
Dividends paid - - - - (15.3) (15.3) - (15.3)
At 26 July 2025 4.7 0.9 3.2 0.4 312.7 321.9 7.8 329.7
Share capital Share premium account Share options reserve Other reserves Retained earnings Total
£m £m £m £m £m £m
At 29 January 2024 4.7 0.9 4.0 (0.1) 283.2 292.7
Profit for the period - - - - 18.7 18.7
Other comprehensive expense - - - (0.4) - (0.4)
Total comprehensive (expense)/income for the period - - - (0.4) 18.7 18.3
Company shares purchased for use by employee benefit trusts - - - - (1.9) (1.9)
Proceeds on disposal of shares by employee benefit trusts - - - - 0.7 0.7
Recognition of share-based payment costs - - 1.4 - - 1.4
Transfer of reserve on share award - - (2.3) - 2.3 -
Dividends paid - - - - (13.8) (13.8)
At 27 July 2024 4.7 0.9 3.1 (0.5) 289.2 297.4
Consolidated Condensed Statement of Changes in Equity (Audited)
Share capital Share premium account Share options reserve Other reserves Retained earnings Total
£m £m £m £m £m £m
At 29 January 2024 4.7 0.9 4.0 (0.1) 283.2 292.7
Profit for the year - - - - 39.7 39.7
Other comprehensive income - - - 0.1 1.6 1.7
Total comprehensive income for the year - - - 0.1 41.3 41.4
Company shares purchased for use by employee benefit trusts - - - - (2.7) (2.7)
Proceeds on disposal of shares by employee benefit trusts - - - - 1.0 1.0
Recognition of share-based payment costs - - 2.4 - - 2.4
Transfer of reserve on share award - - (2.9) - 2.8 (0.1)
Deferred tax on items taken direct to reserves - - 0.1 - - 0.1
Dividends paid - - - - (17.2) (17.2)
At 25 January 2025 4.7 0.9 3.6 - 308.4 317.6
Consolidated Condensed Cash Flow Statement
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
£m £m £m
Operating activities
Profit for the period before tax 35.2 24.9 53.2
Adjustments for:
Interest receivable (1.1) (0.8) (2.0)
Interest payable 0.1 0.2 0.5
Depreciation of property, plant and equipment 5.7 5.8 11.0
Amortisation of intangible assets 0.4 0.5 1.2
Share-based payment costs 1.2 1.4 2.4
Lease modification (0.5) - -
Impairment of assets classified as held for sale - 1.1 1.6
Gain on sale of property, plant and equipment (0.6) (0.1) (0.3)
Operating cash flows before movements in working capital 40.4 33.0 67.6
(Increase)/decrease in inventories (4.8) 0.9 4.8
Increase in receivables (35.9) (30.3) (13.0)
Increase in payables 22.7 18.5 1.5
Difference between employer pension contributions and amounts recognised in (1.3) (2.9) (3.3)
the income statement
Cash generated by operations 21.1 19.2 57.6
Tax paid (5.4) (6.2) (9.3)
Net cash from operating activities 15.7 13.0 48.3
Investing activities
Acquisition of subsidiary (14.7) - -
Cash acquired on acquisition of subsidiary 6.1 - -
Purchase of property, plant and equipment (11.0) (7.4) (19.2)
Proceeds on sale of property, plant and equipment 2.3 0.2 1.0
Funds placed on fixed term deposit (45.0) (37.5) (90.5)
Funds returned from fixed term deposit 72.5 25.0 68.0
Interest received 1.2 0.5 1.4
Net cash from/(used in) investing activities 11.4 (19.2) (39.3)
Financing activities
Loans drawn 10.0 - -
Loans repaid (11.3) - -
Lease payments (1.0) (1.1) (2.1)
Purchase of Company shares by employee benefit trusts (4.9) (1.9) (2.7)
Proceeds from disposal of Company shares by employee benefit trusts 0.4 0.7 1.0
Dividends paid (15.3) (13.8) (17.2)
Interest paid (0.1) (0.1) (0.2)
Net cash used in financing activities (22.2) (16.2) (21.2)
Net increase/(decrease) in cash and cash equivalents 4.9 (22.4) (12.2)
Cash and cash equivalents at beginning of period 21.4 33.6 33.6
Cash and cash equivalents at end of period 26.3 11.2 21.4
Cash and cash equivalents per the cash flow statement comprises cash and cash
equivalents per the statement of financial position of £26.3m (27 July 2024:
cash and cash equivalents of £17.3m, net of bank overdrafts of £6.1m; 25
January 2025 cash and cash equivalents of £21.4m).
Notes to the Consolidated Condensed Financial Statements
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.
This consolidated condensed interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 25 January 2025 were approved by
the Board of Directors on 25 March 2025 and delivered to the Registrar of
Companies. The comparative figures for the financial year ended 25 January
2025 are an extract of the Company's statutory accounts for that year. The
report of the auditor on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement under section
498 (2) or (3) of the Companies Act 2006.
This consolidated condensed interim financial information is unaudited but has
been reviewed by the Company's Auditor.
2 Basis of preparation
This consolidated condensed interim financial information for the 26 weeks
ended 26 July 2025 has been prepared in accordance with UK-adopted
International Accounting Standard 34, 'Interim Financial Reporting' and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. The interim report does not include all of the
notes of the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the annual report
for the year ended 25 January 2025, which has been prepared in accordance with
UK-adopted international accounting standards and with the requirements of the
Companies Act 2006.
Going concern basis
The directors have adopted the going concern basis in preparing these accounts
after assessing the principal risks.
There has been no further update to the assessment undertaken in the year
ended 25 January 2025, which remains valid. This reviewed a number of severe
but plausible downside scenarios that could impact the business (both
individually and cumulatively) over the period until January 2031. These
scenarios include a major brand issue which impacts reputation and consumer
purchasing, worse than expected UK DRS impact, a cyber-attack and a global
pandemic. In each scenario the Group continues to be cash generative
throughout the forecast horizon, resulting in our liquidity headroom being
maintained.
The most significant potential financial impact would be due to a significant
reduction in sales. The revenue and operational leverage impact of such a
volume loss would have a negative impact on Group profitability, however the
scenario modelling would indicate that the Group would maintain sufficient
liquidity headroom without utilising the existing facilities or breaching the
financial covenants of the revolving credit facility over the next 12 months.
We would anticipate a recovery in the following years with confidence that the
Group can remain profitable and cash-generative through prolonged disruption
and fully recover after such events.
The Group has £20m of committed, unutilised revolving credit facilities
providing the business with a secure funding platform. The facility expires in
February 2026 and we currently have no plans to renew it. The directors
believe the Group could access short-term credit facilities if needed. The
Group continues to utilise a £15m overdraft agreement to support intra-month
working capital requirements and maximise cash deposit interest. Throughout
these severe but plausible downside scenarios, the Group continues to have
significant liquidity headroom on existing facilities and against the
revolving credit facilities financial 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 and parent Company will have adequate resources to continue in
operation for at least 12 months from the signing date of these consolidated
condensed financial statements. They therefore consider it appropriate to
adopt the going concern basis of accounting in preparing the financial
statements.
3 Accounting policies
New standards and interpretations applied for the first time
There are no accounting standards or interpretations which have become
effective from 26 January 2025 that have a significant impact on the Group's
interim condensed consolidated financial statements.
The consolidated condensed interim financial information has been prepared in
accordance with the Group's most recent annual financial statements for the
year ended 25 January 2025.
Estimation uncertainty
Business combinations
Management use various valuation techniques when determining the fair value of
certain assets and liabilities acquired in a business combination. In
particular, the fair value of contingent consideration is dependent on a
number of variables including the acquirees' future profitability (Note 14).
4 Principal risks and uncertainties
The directors consider that the following principal risks and uncertainties
could have a material impact on the Group's performance in the balance of the
financial year. Further detail can be found on pages 55 - 62 of the Group's
annual financial statements as at 25 January 2025, which are available on our
website, www.agbarr.co.uk.
- Changes in consumer preferences, perception or purchasing behaviour
- Consumer rejection of reformulated products
- Loss of product integrity
- Loss of continuity of supply of major raw materials
- Adverse publicity in relation to the soft drinks industry, the Group or its
brands
- Government intervention on climate change and environmental issues e.g.
packaging waste
- Failure to maintain customer relationships or take account of changing
market dynamics
- Inability to protect the Group's intellectual property rights
- Failure of the Group's operational infrastructure
- Failure of critical IT systems or a breach of cyber security
- Financial risks
- Environmental Social and Governance (ESG) risks
The Group has reviewed its exposure to climate-related and other emerging
business risks but has not identified any specific risks that would impact the
financial performance or position of the Group at 26 July 2025.
5 Financial risk management and financial instruments
The Group's activities expose it to a variety of financial risks: market risk
(including foreign exchange risk, cash flow and fair value interest rate risk
and price risk), credit risk and liquidity risk.
The condensed interim financial statements should be read in conjunction with
the Group's annual financial statements as at 25 January 2025 as they do not
include all financial risk management information and disclosures contained
within the annual financial statements. There have been no changes in the risk
management policies since the year end.
6 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.
Unaudited
Six months ended 26 July 2025
Soft drinks Cocktail solutions Other Total
£m £m £m £m
Total revenue 201.0 20.0 7.1 228.1
Gross profit 85.9 8.0 2.4 96.3
Unaudited
Six months ended 27 July 2024
Soft drinks Cocktail solutions Other Total
£m £m £m £m
Total revenue 194.6 21.1 5.6 221.3
Gross profit 79.5 7.8 1.8 89.1
Audited
Year ended 25 January 2025
Soft drinks Cocktail solutions Other Total
£m £m £m £m
Total revenue 368.8 40.3 11.3 420.4
Gross profit 145.9 14.8 3.6 164.3
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 reconciliations of segment
assets and liabilities to the consolidated condensed statement of financial
position has been disclosed for any of the periods presented.
Included in revenues arising from the above segments are revenues of
approximately £40.3m which arose from sales to the Group's largest customer.
In the year ended 25 January 2025 and six months ended 27 July 2024, revenues
of approximately £78.0m and £39.0m respectively arose from sales to the
Group's largest customer. No other single customer contributed ten per cent or
more to the Group's revenue in the comparative period to July 2024 or January
2025.
All of the segments included within the three categories meet the aggregation
criteria set out in IFRS 8 Operating Segments.
7 Seasonality of operations
Revenues and reported profits are affected by weather conditions, cost
inflation, the timing of marketing and promotional investment and innovation
launches. It is anticipated that reported profits for the second half of the
year to 31 January 2026 are expected to be lower than those for the 26 weeks
ended 26 July 2025.
8 Operating profit
The following items have been charged/(credited) to operating profit during
the period:
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
£m £m £m
Business change projects - 4.4 -
Provision for business reorganisation 0.2 0.7 -
Gain on sale of property, plant and equipment (0.6) (0.1) (0.3)
9 Net finance costs
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
Finance income £m £m £m
Interest receivable on short-term deposits 0.9 0.7 1.8
Finance costs relating to defined benefit pension plans 0.2 0.1 0.2
1.1 0.8 2.0
Finance costs £m £m £m
Interest payable - 0.1 0.3
Lease interest 0.1 0.1 0.2
0.1 0.2 0.5
10 Tax on profit
The interim period total tax charge of £7.7m (six months ended 27 July 2024:
£6.2m; year ended 25 January 2025: £13.5m) is accrued based on the estimated
annual effective tax rate of 21.9% (six months ended 27 July 2024: 24.9%; year
ended 25 January 2025: 25.4%). The effective tax rate is calculated using the
forecast year end effective corporation tax rate and the movement in deferred
tax to 26 July 2025. The effective tax rate has reduced in the six months
ended 26 July 2025 compared to the year ended 25 January 2025 primarily due to
the timing of the Strathmore disposal.
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
Analysis of tax charge £m £m £m
Current income tax charge 5.2 5.3 8.2
Deferred income tax charge 2.5 0.9 5.3
Total tax charge in the consolidated condensed income statement 7.7 6.2 13.5
11 Earnings per share
Basic earnings per share has been calculated by dividing the earnings
attributable to equity holders of the parent company by the weighted average
number of shares in issue during the period, excluding shares held by the
employee share scheme trusts.
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
Profit attributable to equity holders of the Company (£m) 27.7 18.7 39.7
Weighted average number of ordinary shares in issue 111,253,659 110,797,643 110,874,571
Basic earnings per share (pence) 24.90 16.88 35.81
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all potentially dilutive ordinary
shares. These represent share options granted to employees where the exercise
price is less than the average market price of the Company's ordinary shares
during the period. The number of shares calculated as above is compared with
the number of shares that would have been issued assuming the exercise of the
share options.
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
Profit attributable to equity holders of the Company (£m) 27.7 18.7 39.7
Weighted average number of ordinary shares in issue 111,253,659 110,797,643 110,874,571
Adjustment for dilutive effect of share options 1,306,179 1,047,922 1,175,898
Diluted weighted average number of ordinary shares in issue 112,559,838 111,845,565 112,050,469
Diluted earnings per share (pence) 24.61 16.72 35.43
12 Dividends
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025 Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
per share (p) per share (p) per share (p) £m £m £m
Paid final dividend 13.76 12.40 12.40 15.3 13.8 13.8
Paid interim dividend - - 3.10 - - 3.4
13.76 12.40 15.50 15.3 13.8 17.2
An interim dividend of 3.44 pence per share was approved by the Board on 30
September 2025 and will be paid on 7 November 2025 to shareholders on the
register as of 10 October 2025.
13 Intangible assets
Goodwill Brands Customer relationships Water rights Others Total
£m £m £m £m £m £m
Cost
At 28 January 2024 45.2 94.4 3.9 0.7 11.8 156.0
Additions - - - - - -
At 27 July 2024 and 25 January 2025 45.2 94.4 3.9 0.7 11.8 156.0
Additions 8.7 13.4 - - - 22.1
Acquired on acquisition - - - - 0.2 0.2
At 26 July 2025 53.9 107.8 3.9 0.7 12.0 178.3
Amortisation
At 27 July 2024 3.6 7.3 3.9 0.7 10.6 26.1
Amortisation for the period - - - - 0.7 0.7
At 25 January 2025 3.6 7.3 3.9 0.7 11.3 26.8
Amortisation for the period - - - - 0.4 0.4
At 26 July 2025 3.6 7.3 3.9 0.7 11.7 27.2
Carrying amounts
At 26 July 2025 50.3 100.5 - - 0.3 151.1
At 25 January 2025 41.6 87.1 - - 0.5 129.2
At 27 July 2024 41.6 87.1 - - 1.2 129.9
In July 2025, the Group acquired a 50.1% interest in Innate-Essence Ltd.
Details of brand, goodwill and other intangibles recognised on acquisition are
included in (Note 14).
The remaining goodwill and brands recognised relate primarily to the
acquisition of Rio Tropical Limited, Boost Drinks Limited, MOMA Foods Ltd,
Rubicon Drinks Limited and FUNKIN Limited. Others includes the software
development costs from internally generated software development and
third-party consultancy costs in relation to the Business Process Redesign
project implemented in 2015.
14 Business combinations
On 7 July 2025, the Group acquired 50.1% of the share capital of
Innate-Essence Ltd ("Innate"), a functional drinks business, specialising in
health and wellness-led innovation. The primary reason for this acquisition
was to diversify into high growth segments, in this case functional beverages.
In the period from acquisition to 26 July 2025, Innate contributed revenue of
£0.8m and an operating loss of £0.4m to the Group's results. Had Innate been
consolidated from 26 January 2025, it would have contributed revenue of £5m
to the Group and a £1.4m loss. The acquisition consideration and provisional
fair value of identifiable assets and liabilities of Innate at the date of
acquisition were:
£m
Intangible assets 0.2
Property, plant and equipment 1.1
Deferred tax asset 0.2
Right-of-use assets 0.7
Cash and cash equivalents 6.1
Trade and other receivables 0.6
Inventories 0.9
Trade and other payables (1.4)
Loans and other borrowings (1.6)
Lease liabilities (0.8)
Provisions (0.1)
Brand - acquisition intangible 13.4
Deferred tax on acquisition intangibles (3.3)
Total identifiable net assets acquired 16.0
Goodwill 8.7
Value on acquisition 24.7
Attributable to: £m
Equity shareholders of the parent Company 16.7
Non-controlling interests 8.0
Represented by: £m
Cash consideration paid 14.7
Contingent consideration 2.0
Total consideration 16.7
Contingent consideration
The Group has agreed to pay the former owners of Innate a contingent
consideration based on achievement of certain financial targets by Innate in
the period from 1 April 2026 to 31 March 2028. The potential undiscounted
amount of all future payments that the Group could make under the acquisition
agreement is between £nil and £16m.
The fair value of the contingent consideration arrangement of £2m was
estimated by assessing the expected growth of Innate over the two years
period. No discount rate has been applied to the fair value estimate of the
contingent consideration as due to the short time period the effect of
discounting has a negligible effect on the fair value. If revenues increased
by an additional 10% per annum over the earn out period an additional £1.3m
consideration would be payable. if revenues are 10% lower than plan per annum,
consideration would reduce by £0.3m.
The fair value of the acquired identifiable intangible assets of £16.0m, is
provisional pending receipt of the final valuations for those assets. A
deferred tax liability of £3.3m has been provided in relation to these fair
value adjustments in relation to intangible assets.
Acquisition-related costs
The Group incurred acquisition-related costs of £0.5m relating to external
legal fees and due diligence costs. These costs have been included in
operating costs in the consolidated condensed income statement.
None of the goodwill arising on the acquisition is expected to be deductible
for tax purposes.
The Goodwill of £8.7m relates to the expectation of continued high growth in
Innate through its participation in the functional beverages category.
15 Financial instruments
Current assets of £0.5m (at 27 July 2024: £nil and 25 January 2025: £0.2m)
relate to forward foreign currency contracts with a maturity of less than 12
months and are recognised at fair value through the cash flow hedge reserve,
included within other reserves.
Current liabilities of £0.1m (at 27 July 2024: £0.5m and 25 January 2025:
£0.3m) relate to forward foreign currency contracts with a maturity of less
than 12 months and are recognised at fair value through the cash flow hedge
reserve, included within other reserves.
Non-current liabilities of £nil (at 27 July 2024 and 25 January 2025: £0.1m)
relate to forward foreign currency contracts with a maturity of more than 12
months and are recognised at fair value through the cash flow hedge reserve,
included within other reserves.
Fair value hierarchy
Fair value hierarchies 1 to 3 are based on the degree to which fair value is
observable:
- Level 1: quoted prices (unadjusted) in active markets for identical assets
or liabilities
- Level 2: inputs other than quoted prices included within Level 1 that are
observable for the asset or liability,
either directly (i.e. as prices) or indirectly
(i.e. derived from prices)
- Level 3: inputs for the asset or liability that are not based on observable
market data
All financial instruments carried at fair value are Level 2 with the exception
of contingent consideration which is measured at Level 3.
The fair value of financial instruments that are not traded in an active
market (for example, over-the-counter derivatives) is determined by using
valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as possible on
entity specific estimates. The fair value of the Level 2 input, forward
foreign exchange contracts, is determined using forward exchange rates at the
date of the consolidated condensed statement of financial position, with the
resulting value discounted accordingly as relevant.
As disclosed in Note 14, the Group acquired Innate-Essence Limited ("Innate")
during the period and has agreed to pay the former owners a contingent
consideration based on achievement of certain financial targets in the period
from 1 April 2026 to 31 March 2028. The value of this Level 3 input is
determined by assessing the expected growth of Innate over the two-year
period. No discount rate has been applied to the fair value estimate of the
contingent consideration as due to the short time period the effect of
discounting has a negligible effect on the fair value. Significant
unobservable inputs are based on revenue and profits achieved by Innate over
the two-year period.
Fair values of financial assets and financial liabilities
The following table shows the carrying amounts and fair values of financial
assets and financial liabilities. It does not include fair value information
for financial assets and financial liabilities not measured at fair value if
the carrying amount is a reasonable approximation of fair value.
Carrying amount
Unaudited Fair value - hedging instruments Other financial assets at amortised cost Other financial liabilities designated at fair value Other financial liabilities at amortised cost Total
At 26 July 2025 £m £m £m £m £m
Financial assets - Current
Foreign exchange contracts used for hedging 0.5 - - - 0.5
Trade receivables - 110.2 - - 110.2
Short-term investments - 15.0 - - 15.0
Cash and cash equivalents - 26.3 - - 26.3
0.5 151.5 - - 152.0
Financial liabilities - Non-current
Contingent consideration - - 2.0 - 2.0
Loans and borrowings - - - 0.2 0.2
Lease liabilities - - - 2.7 2.7
- - 2.0 2.9 4.9
Financial liabilities - Current
Loans and borrowings - - - 0.1 0.1
Foreign exchange contracts used for hedging 0.1 - - - 0.1
Lease liabilities - - - 1.9 1.9
Accruals - - - 41.9 41.9
Trade payables - - - 46.1 46.1
0.1 - - 90.0 90.1
Carrying amount
Unaudited Fair value - hedging instruments Other financial assets at amortised cost Other financial liabilities at amortised cost Total
At 27 July 2024 £m £m £m £m
Financial assets - Current
Trade receivables - 91.2 - 91.2
Short-term investments - 32.5 - 32.5
Cash and cash equivalents - 17.3 - 17.3
- 141.0 - 141.0
Financial liabilities - Non-current
Foreign exchange contracts used for hedging 0.1 - - 0.1
Lease liabilities - - 2.6 2.6
0.1 - 2.6 2.7
Financial liabilities - Current
Bank overdraft - - 6.1 6.1
Foreign exchange contracts used for hedging 0.5 - - 0.5
Lease liabilities - - 1.7 1.7
Accruals - - 37.0 37.0
Trade payables - - 42.6 42.6
0.5 - 87.4 87.9
Carrying amount
Audited Fair value - hedging instruments Other financial assets at amortised cost Other financial liabilities at amortised cost Total
At 25 January 2025 £m £m £m £m
Financial assets - Current
Foreign exchange contracts used for hedging 0.2 - - 0.2
Trade receivables - 73.3 - 73.3
Short-term investments - 42.5 - 42.5
Cash and cash equivalents - 21.4 - 21.4
0.2 137.2 - 137.4
Financial liabilities - Non-current
Foreign exchange contracts used for hedging 0.1 - - 0.1
Lease liabilities - - 2.8 2.8
0.1 - 2.8 2.9
Financial liabilities - Current
Foreign exchange contracts used for hedging 0.3 - - 0.3
Lease liabilities - - 1.8 1.8
Accruals - - 36.8 36.8
Trade payables - - 32.4 32.4
0.3 - 71.0 71.3
16 Loans and other borrowings
Movements in borrowings are analysed as follows:
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
£m £m £m
Opening borrowings balance 4.6 4.9 4.9
Net lease movements (0.8) (0.6) (0.3)
Borrowings drawn-down 10.0 6.1 -
Borrowings acquired 1.6 - -
Leases acquired 0.8 - -
Repayments of borrowings (11.3) - -
Closing borrowings balance 4.9 10.4 4.6
The reconciliation of the above closing borrowings balance to the figures on
the face of the consolidated condensed statement of financial position is as
follows:
Unaudited Unaudited Audited
As at 26 July 2025 As at 27 July 2024 As at 25 January 2025
£m £m £m
Loans and borrowings 0.3 6.1 -
Lease liabilities 4.6 4.3 4.6
Total loans and borrowings 4.9 10.4 4.6
Disclosed as:
Current liabilities
Loans and borrowings 0.1 6.1 -
Lease liabilities 1.9 1.7 1.8
2.0 7.8 1.8
Non-current liabilities
Loans and borrowings 0.2 - -
Lease liabilities 2.7 2.6 2.8
2.9 2.6 2.8
The reconciliation to net funds is as follows:
Unaudited Unaudited Audited
As at 26 July 2025 As at 27 July 2024 As at 25 January 2025
£m £m £m
Closing borrowings balance (4.9) (10.4) (4.6)
Short-term investments 15.0 32.5 42.5
Cash and cash equivalents 26.3 17.3 21.4
Net funds 36.4 39.4 59.3
In July 2024, the Group agreed a £15m overdraft facility with the Royal Bank
of Scotland to support intra-month working capital requirements and maximise
cash deposit interest.
On the acquisition of Innate, the Group acquired £1.6m of loans and
borrowings (see Note 14). £1.3m of these facilities have since been repaid
leaving a balance outstanding as at 26 July 2025 of £0.3m.
The drawn/undrawn facilities at 26 July 2025 are as follows:
Total facility Drawn Undrawn
£m £m £m
Revolving credit facility - five years, expires February 2026 20.0 - 20.0
Overdraft facility 15.0 - 15.0
Other loan facilities 0.6 0.3 0.3
35.6 0.3 35.3
17 Retirement benefit obligations
On 1 May 2016 the A.G. BARR p.l.c. (2008) Pension and Life Assurance Scheme
was closed to future accrual following a negotiated agreement between the
Company and the board of trustees.
The defined retirement benefit scheme had a surplus of £1.1m as at 26 July
2025 (surplus as at 27 July 2024: £6.2m; surplus as at 25 January 2025:
£6.8m). The reconciliation of the closing surplus is as follows:
Unaudited Unaudited Audited
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
£m £m £m
Opening present value of obligation (65.7) (69.3) (69.3)
Interest expense (1.8) (1.6) (3.3)
Remeasurement - changes in financial assumptions 2.0 (0.5) 3.0
Benefits paid 1.9 1.7 3.9
Closing present value of obligation (63.6) (69.7) (65.7)
Opening fair value of plan assets 72.5 72.5 72.5
Interest income 2.0 1.7 3.5
Remeasurement - actuarial return on assets (9.2) 0.5 (2.9)
Employer contributions 1.3 2.9 3.3
Benefits paid (1.9) (1.7) (3.9)
Closing fair value of plan assets 64.7 75.9 72.5
As at 26 July 2025 As at 27 July 2024 As at 25 January 2025
£m £m £m
Present value of funded obligations (63.6) (69.7) (65.7)
Fair value of plan assets 64.7 75.9 72.5
Surplus recognised under IAS 19 1.1 6.2 6.8
The key financial assumptions used to value the liabilities were as follows:
As at 26 July 2025 As at 27 July 2024 As at 25 January 2025
% % %
Discount rate 5.8 5.1 5.5
Inflation assumption 3.0 3.2 3.2
The Board of Pension Trustee have taken a number of steps to control the level
of investment risk within the 2008 Pension Scheme. In prior periods, the
Trustee and the Company agreed two annuity contracts purchases with Canada
Life at a total cost of £55.8m securing the total amount of future pension
payments of 195 of the 2008 Pension Scheme's pensioners. In June 2025, a
further annuity purchase with Canada Life was agreed securing the future
pension costs of the remaining pensioners at a cost of c£41.8m.
18 Movements in own shares held by employee benefit trusts
During the six months to 26 July 2025 the employee benefit trusts of the Group
acquired 729,813 (six months to 27 July 2024: 338,003; year to 25 January
2025: 475,449) of the Company's shares. The total amount paid to acquire the
shares has been deducted from shareholders' equity and is included within
retained earnings. At 26 July 2025 the shares held by the Company's employee
benefit trusts represented 1,106,013 (27 July 2024: 793,306; 25 January 2025:
791,826) shares at a purchased cost of £7.0m (27 July 2024: £4.1m; 25
January 2025: £4.3m).
415,626 (six months to 27 July 2024: 593,778; year to 25 January 2025:
725,054) shares were utilised in satisfying share options from the Company's
employee share schemes during the same period. The related weighted average
share price at the time of exercise for the six months to 26 July 2025 was
£6.90 (six months to 27 July 2024: £6.00; year to 25 January 2025: £6.09).
19 Contingencies and commitments
Unaudited Unaudited Audited
As at 26 July 2025 As at 27 July 2024 As at 25 January 2025
£m £m £m
Commitments for the acquisition of property, plant and equipment 15.7 2.5 10.2
20 Related party transactions
There have been no related party transactions in the first 26 weeks of the
current financial year which have materially affected the financial position
or performance of the Group.
RESPONSIBILITY AND CAUTIONARY STATEMENTS
Responsibility Statement
Company law requires the directors to prepare statements for each financial
year. Under that law the directors are required to prepare group financial
statements in accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and UK-adopted International
Financial Reporting Standards.
The directors confirm that these consolidated condensed interim financial
statements have been prepared in accordance with International Accounting
Standard 34 Interim Financial Reporting. The interim management report
includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8,
namely:
· an indication of important events that have occurred during the first
six months and their impact on the condensed set of financial statements, and
a description of the principal risks and uncertainties for the remaining six
months of the financial year; and
· material related party transactions in the first six months and any
material changes in the related party transactions described in the last
annual report
Cautionary Statement
This report is addressed to the shareholders 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
during the six months to 26 July 2025. 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 such 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.
The directors of A.G. BARR p.l.c. that served during the six months to 26 July
2025 and up to the date of signing, and their respective responsibilities,
were:
Mark Allen OBE (Chair)
Euan Sutherland (Chief Executive Officer)
Stuart Lorimer (Chief Finance and Operating Officer)
Susan V. Barratt
Zoe L. Howorth
Nicholas B.E. Wharton
Julie A. Barr
Louise H. Smalley
Dr Rohit Dhawan (appointed 29 July 2025)
For and on behalf of the Board of Directors
Euan Sutherland
Chief Executive Officer
30 September 2025
Stuart Lorimer
Chief Finance and Operating Officer
30 September 2025
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.
Adjusting items
The Group excludes adjusting items from its non-GAAP measures because of their
size, frequency and nature to allow shareholders to understand better the
elements of financial performance in the period, so as to facilitate
comparison with prior periods and to assess trends in financial performance
more readily. These items are primarily non-operational.
Definitions of non-GAAP measures used are provided below:
Capital expenditure is a non-GAAP measure and is defined as the cash purchases
of property, plant and equipment and is disclosed in the consolidated
condensed cash flow statement.
Adjusted operating margin is a non-GAAP measure calculated by dividing
adjusted operating profit by revenue.
Adjusted operating profit is a non-GAAP measure calculated as operating profit
after adjusting items.
Adjusted profit attributable to equity holders is a non-GAAP measure
calculated as profit attributable to equity holders after adjusting items.
Adjusted profit before tax is a non-GAAP measure calculated as reported profit
before tax after adjusting items.
Adjusted earnings per share is a non-GAAP measure calculated by dividing
adjusted profit attributable to equity holders by the weighted average number
of shares in issue.
Net cash at bank is a non-GAAP measure deducting overdraft balances from cash
and cash equivalents and short-term investments.
Reconciliation of Non-GAAP measures
Adjusted Consolidated Income Statements
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
Reported and adjusted Reported Business change projects Adjusted Reported Business change projects Adjusted
£m £m £m £m £m £m £m
Revenue 228.1 221.3 - 221.3 420.4 - 420.4
Cost of sales (131.8) (132.2) - (132.2) (256.1) - (256.1)
Gross profit 96.3 89.1 - 89.1 164.3 - 164.3
Operating expenses (62.1) (64.8) 4.4 (60.4) (112.6) 5.3 (107.3)
Operating profit 34.2 24.3 4.4 28.7 51.7 5.3 57.0
Finance income 1.1 0.8 - 0.8 2.0 - 2.0
Finance costs (0.1) (0.2) - (0.2) (0.5) - (0.5)
Profit before tax 35.2 24.9 4.4 29.3 53.2 5.3 58.5
Tax on profit (7.7) (6.2) (1.1) (7.3) (13.5) (0.9) (14.4)
Profit for the period 27.5 18.7 3.3 22.0 39.7 4.4 44.1
Attributable to:
Equity shareholders of the parent Company 27.7 18.7 3.3 22.0 39.7 4.4 44.1
Non-controlling interests (0.2) - - - - - -
Adjusting entries:
Business change projects - the costs associated with the business change
projects involving the closure of Barr Direct operations and the integration
of the Boost business.
Six months ended 26 July 2025 Six months ended 27 July 2024 Year ended 25 January 2025
Adjusted EPS
Adjusted profit attributable to equity holders of the Company £m 27.7 22.0 44.1
Weighted average number of shares in issue 111,253,659 110,797,643 110,874,571
Adjusted EPS (p) 24.90 19.86 39.77
Adjusted operating margin £m £m £m
Revenue 228.1 221.3 420.4
Adjusted operating profit 34.2 28.7 57.0
Adjusted operating margin 15.0% 13.0% 13.6%
Net cash at bank £m £m £m
Cash and cash equivalents 26.3 17.3 21.4
Short-term investments 15.0 32.5 42.5
Overdraft - (6.1) -
Net cash at bank 41.3 43.7 63.9
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