A.G. BARR (LON:BAG), the multi-beverage business with a broad portfolio of market-leading UK brands including core brands IRN-BRU, Rubicon and Boost, has announced a trading update for the 26 weeks ended 1 August 2026 (H1 26/27), ahead of reporting Interim Results on 29 September 2026.
H1 2026/27 Trading
H1 26/27 revenue is expected to be c.£246m, c.8% up on the prior year (H1 25/26: £228.1m) reflecting continued core brand growth and the contribution from recent acquisitions. H1 operating margin is expected to be in the middle of the guidance range*.
Whilst pleased with our performance in the market in the period, as Q2 progressed, revenue was impacted by reduced stock availability, primarily from internal supply chain issues linked to our capability and capacity change programme, but also by external issues associated with third party manufacturing. The revenue impact of the issues is estimated to be £10m in H1.
Market share gains, encouraging innovation performance and supply chain actions give confidence of an improved revenue performance in H2. As such, the Company is anticipating double-digit percentage revenue growth for the full year. The benefits from integration and insourcing actions underpin a strengthening operating margin in H2 and delivery of profit expectations for the full year*.
Strategic Highlights
● Core brands are performing strongly in the market and carrying good trading momentum into the second half from distribution gains, innovation launches and brand marketing activities:
○ IRN-BRU exited H1 with growth ahead of the market in both England and Scotland, most strongly in England following the recent rebranding of IRN-BRU Zero;
○ Rubicon’s positive performance strengthened as H1 progressed, led by its rebranding and new product development;
○ Boost is making excellent progress as it expands into grocery and launches into the healthy hydration category through Boost Water+, with double digit growth;
○ Growth in core brands was partly offset by weakness in FUNKIN and Barr Brands.
● Building trading momentum is supported by recent market data which shows the Company growing ahead of the market**.
● The integrations of Fentimans and Frobishers were completed in H1 on schedule, with operational efficiencies starting to come through in H2.
● Our manufacturing investment programme remains on track and within budget, with Boost Sports production insourced to Cumbernauld factory from the end of H1, and the planned capacity upgrade at Milton Keynes progressing to plan.
Euan Sutherland, Chief Executive Officer, commented:
“During the first half of the year we made significant progress against our strategic priorities. We completed the integrations of both Frobishers and Fentimans, continued to successfully drive our core brand propositions and made further progress with our manufacturing investment programme.
Consumer demand for our brands is strong, with all core brands gaining market share. The supply constraints which impacted Q2 performance are being resolved and, with strengthening trading momentum driven by our refreshed core brands and new product development, we remain confident for the full year”.
*Adjusted basis. Analyst consensus Adjusted PBT £71.9m (July 2026). Adjusted operating margin and ROCE guidance ranges of 14-16% and 19-21% respectively. ROCE, as previously advised, is to be towards the lower end of the range in FY 26/27 due to the upfront investment to support future growth and the impact of the recent acquisitions before becoming accretive to the group.
**Independent data source: Circana 12 weeks ended 18 July 2026. AG Barr value growth of 8.3% versus Soft Drinks market growth of 7.4%.
