Britain's A.G. Barr recently raised its annual profit forecast and said revenue for the year was set to top pre-pandemic levels after it enjoyed strong sales of soft drinks like Irn-Bru and cocktail mixer brand Funkin.
While drinking in pubs and restaurants took a hit due to COVID-related curbs in Britain with renewed restrictions in December due to the Omicron variant, at-home drinking has picked up over the course of the pandemic.
A.G. Barr said on Tuesday it had initiated cost control actions, including increasing the prices of its drinks, to mitigate a hit from previously-flagged inflationary cost pressures.
Shares of the group were up 2% by 08:20 GMT.
Revenue Forecast
The beverages group forecast revenue of £267 million ($359.2 million) for the year ended 30 January, and said it expects profit before tax and one-time items to be slightly ahead of its forecast in November.
"We have remained fully operational throughout the year," Roger White, chief executive officer, said, adding that the company will make further investments into the business, giving it confidence for continued growth in the coming year.
A.G. Barr rival and tonic maker Fevertree had also raised its annual revenue forecast last month.
Pre-Pandemic Levels
On the 29 November last year, the Scotland-based company said that it expects annual profit to exceed pre-pandemic levels and beat current market expectations, with 'on the go' and hospitality sectors remaining particularly strong.
The company, best known for fizzy drink Irn-Bru, forecast both annual revenue and pretax profit ahead of current market expectations, despite ongoing near-term operating cost pressures.
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