Annual report and accounts 2023 - Flipbook - Page 58
A.G. BARR p.l.c. Annual Report and Accounts 2023
Financial review
A positive financial
performance with strong
organic revenue and profit
growth and two exciting
acquisitions.
Overview
The business has delivered another year of impressive
financial performance with top and bottom line growth
during a year of high cost inflation, supply chain
challenges and macroeconomic uncertainty:
2022/23
Versus 2021/22
Reported revenue
£317.6m
£268.6m
+18.2%
Reported profit
before tax
£44.4m
£42.2m
+5.2%
Adjusted profit
before tax*
£43.5m
£38.4m
+13.3%
Adjusted operating
margin*
13.6%
14.9%
(1.3pp)
£52.9m
£68.4m
(22.7%)
Reported EPS
(basic p/share)
30.47p
25.09p
+21.4%
Dividend per share
(proposed final
and interim)
13.10p
12.0p
+9.2%
Net cash at bank*
Our revenue increase was driven by a combination
of brand momentum, revenue management and the
incremental contribution from our MOMA and Boost
Drinks acquisitions. Like-for-like revenue growth*,
adjusting for MOMA and Boost new business and the
extra week in the prior year, was 15.9%.
Throughout the pandemic, and the disruption that
followed as the economy reopened, we worked
collaboratively with our customers to ensure we
recognised the impact of restrictions on the brand
support and discounts we provided. This involved
numerous commercial discussions, and in certain
circumstances, changes to promotional terms. This
has resulted in a change in estimate and recognition
of £5.1m (2021/22: £4.9m) of additional variable
consideration.
Stuart Lorimer
Finance Director
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