A.G. BARR plc (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 its Interim Results for the 26 weeks ended 1 August 2026 (H1 26/27).
Highlights
● Growth ahead of the soft drinks market1 driven by core brand performance;
● Revenue up 8.5% to £247.4m through core brand growth and the contribution from recent acquisitions;
● Supply issues during summer trading peak resolved, with supply chain performance normalising through H2;
● Manufacturing line refresh programme in Cumbernauld now complete, Milton Keynes manufacturing expansion progressing to plan;
● Integration of recent acquisitions Fentimans and Frobishers complete, cost synergies from H2;
● Adjusted operating margin maintained at 15.0%, supporting delivery of Adjusted profit before tax of £36.1m, up 2.6% on the prior year. Statutory profit before tax down 3.7% primarily as a result of one-off costs associated with integrating Fentimans;
● Adjusted EPS up 0.4% driven by PBT growth partly offset by phasing of tax. Interim dividend of 3.82p per share in line with policy at 25% of prior year final dividend;
● Net bank debt of £47.0m, in line with plan, driven by acquisitions, peak capex year weighted to H1 and working capital seasonality;
● On track to meet full year market expectations2:
o c.10% revenue growth supported by market share gains, core brand performance and H1 supply constraints resolved;
o Adjusted operating margin of c.15% and adjusted return on capital employed of c.19%, both in line with our financial framework.
Financial Summary
| H1 26/27 | H1 25/26 | Increase / (Decrease) | |
| Revenue Adjusted Profit Before Tax3 Adjusted Operating Margin3 Adjusted EPS (basic pence/share) 3 Statutory Profit Before Tax Statutory Operating Margin Statutory EPS (basic pence/share) Net Cash at Bank / (Net Bank Debt)3 Interim Dividend | £247.4m £36.1m 15.0% 24.99p £33.9m 14.1% 23.82p £(47.0)m 3.82p | £228.1m £35.2m 15.0% 24.90p £35.2m 15.0% 24.90p £41.3m 3.44p | 8.5% 2.6% -0.4% (3.7%) (90 bps) (4.3%) £(88.3)m 11.0% |
Euan Sutherland, Chief Executive Officer, commented:
“We made strong progress against our strategic priorities during the first half of the year, with continued momentum across our brands and strong execution against our strategic growth drivers. Despite supply constraints impacting customer service in the peak summer months, our core brand portfolio performed well in the market, supported by successful rebrands, innovation and marketing. Our recent acquisitions have expanded our addressable market and investment in our manufacturing capabilities continues to significantly strengthen the business for the long term.
Looking ahead, we remain confident in the significant opportunities for the business and our ability to build on this momentum in the second half. With our acquisitions now fully integrated and our investment programme progressing well, we remain on track to deliver full year performance in line with market expectations. We will continue to focus on delivering above-market growth and creating sustainable long-term value for our shareholders.”
