AG Barr, Meadow Foods see profits drop in annual results

By Jerome Smail

- Last updated on GMT

AG Barr, Meadow Foods see profits drop in annual results

Related tags Drinks Dairy Finance Ingredients & nutrition

Scottish soft drinks company AG Barr, which owns brands including Irn Bru and Rubicon, has joined the ranks of manufacturers reporting financial dents from the COVID-19 pandemic.

The latest results for the Cumbernauld-based firm indicate a pre-tax profit before exceptional costs of £32.8m for the year ended 24 January 2021, representing a 12.3% drop against its previous financial year.

The figures also show an 11% fall in revenue with £227m posted for 2021, compared with £255.7m for 2020.

The company, which also owns cocktail brand Funkin, said the results showed resilience in a difficult year.

“Across the year, we continued to focus on our key strategic initiatives,”​ said Roger White, chief executive officer of AG Barr. “We closed the year in strong financial health, with our brands and business poised for growth on a like for like basis.

“Whilst there now appears to be a route out of lockdown, the immediate future remains uncertain. Notwithstanding this current backdrop, our strategy for the year ahead is to support our core growth initiatives with significant investment.”

Meadow Foods

Meanwhile, Meadow Foods CEO Mark Chantler praised his company’s performance in a ‘challenging marketplace’ following the announcement a pre-tax profit of £24.3m in the year to 31 March 2020.

The dairy and ingredients supplier also recorded turnover of £429m in its limited year-end results to 31 March 2020. However, both figures represent a drop in value on the previous year, with a £25.6m profit and £456m turnover posted in 2019.

Meadow Foods said its focus during financial year 2020 had been the continued focus on developing its product range for new and existing customers. This strategy had been supported by a £4.5m investment in the company’s Peterborough factory and the first stages of investment in a segregated facility for plant-based ingredients at its Chester head office.

“The business continues to perform well in a challenging marketplace,”​ said Chantler. “As a leading supplier of value-added ingredients, we have focused on investing in optimising our sites and diversifying our product range, most notably with the addition of plant-based ingredients to the portfolio.

“We continue to place our customers’ needs and growth aspirations at the heart of what we do,”​ he added.

As well as its sites in Chester and Peterborough, Meadow Foods operates facilities in Holme-on-Spalding Moor in Yorkshire and Dogellau in Wales. The company currently employs more than 430 people.

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