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AG Barr PLC to restart dividend payments in 2021, looks for new chairman


In the year to January 24, revenues dropped 11% to £227mln, with statutory profit before tax down by a third to £26mln

PLC () said it plans to restart dividend payments in 2021 after suspending them a year ago at the beginning of the Coronavirus (COVID-19) pandemic.

The soft drinks producer is also looking for a new chairman as John Nicolson is approaching the end of his tenure.

READ: AG Barr upgrades full-year profit expectations but acknowledges new coronavirus lockdown hit

The firm said it closed the year in strong financial health and with its brands poised for growth, albeit without the Rockstar brand which accounted for over 8% of group revenue in 2020/21.

It ended the franchise last October after reviewing the programme in light of COVID-19, adding a £7mln credit to the balance sheet.

Coupled with increased social restrictions in December and January, the end of the Rockstar partnership pushed second-half revenues down 15%.

In the year to January 24, revenues dropped 11% to £227mln, with statutory profit before tax down by a third to £26mln. The period ended with £50mln in the bank.

The closure of the crucially important hospitality sector for much of the financial year has had a severe impact on the Strathmore brand with sales down 80-90% during the lockdown periods, causing a £10mln impairment.

Shares shed 2% to 510p on Tuesday morning.



Read More: AG Barr PLC to restart dividend payments in 2021, looks for new chairman

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