AG Barr - Fizzing away
AG Barr’s (BAG’s) FY23 results highlighted the strength of the brand portfolio as group volumes (+2.4%) outperformed the UK soft drinks category decline of 2.9%. Key brands IRN-BRU (33% of FY24 revenue) and Rubicon (19% of FY24 revenue) grew 8% and 15%, respectively, as flavour innovation and format mix helped to drive volume growth. Management anticipates margin enhancement initiatives to yield a 100bp operating margin uplift in FY25, aided by greater in-sourcing and other efficiency gains. M&A is a possibility given the strong net cash position.A.G. Barr is engaged in the manufacture, distribution and sale of soft drinks. Co. operates in three segments: carbonates, still drinks and water, and other (including Funkin cocktail, ice-cream and other soft drinks). Co.'s brands include IRN-BRU, Rubicon, Strathmore, Funkin, Barr Flavors, KA, and Tizer, and its partnership brands include Rockstar and Snapple.
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