I am pleased to present A.G. BARR p.l.c.'s Annual Report and Accounts for the 53-week year ended 30 January 2022.
We aim to provide a fair, balanced and understandable assessment of the Company, including our business model, strategy, performance and prospects in relation to material financial, economic, social, environmental and governance issues.
Our report includes a comprehensive assessment of the principal risks facing the business. It also seeks to identify and evaluate maers that are of common material interest to our stakeholders and to our business, to understand how they may affect our ability to create value over time. These maers are integral to our planning processes and help support the delivery of our strategy.
Our overarching business purpose remains steadfast - to create value, with values - for our shareholders, consumers, customers and for society as a whole. We do this by building great brands.
I am delighted with the resilience that our business has demonstrated over the past 12 months. We have continued to provide excellent customer service, high quality products and strong business support to all of our customers. We have delivered an excellent financial performance against a volatile backdrop, whilst at the same time delivering on our strategic priorities, and I am particularly proud of the progress we have made across our "No Time To Waste" environmental sustainability programme.
I remain confident in both our ability to deliver continued growth in both revenue and profit in the coming year and in our longer-term continued success, delivering on our strategic priorities - connecting with consumers, building brands, driving efficiency and building trust.
Roger White
Chief Executive
A.G. Barr is a UK-based branded consumer goods business focused on growth.
We are brand owners and builders, offering a diverse and differentiated portfolio of products that people love.
Revenue
£268.6m
18.3%
Basic earnings per share (EPS)
25.09p
46.1%
*Items marked with an asterisk are non-GAAP measures. Definitions and relevant reconciliations are provided in the Glossary on pages 188 to 191.
Profit before tax* (before exceptional items)
£41.5m
26.5%
Full year dividend*
12.0p
Excludes 10.0p special dividend paid in October 2021
Year-on-year movement compares the 53-week financial year ended 30 January 2022 with the 52-week financial year ended 24 January 2021.
Corporate Governance
IN THIS REPORT
STRATEGIC REPORT
Our Business 2
Our Brands 4
Chairman's Introduction 6
Our Business Model 8
Our Strategy and Financial KPIs 10
Chief Executive's Review 12
Our Strategy in Action 18
Responsibility Report 22
Non-Financial KPIs 24
Financial Review 46
Risk Management 50
CORPORATE GOVERNANCE
Corporate Governance Report 60
Audit and Risk Committee Report 72
Directors' Remuneration Report 76
Directors' Report 110
Statement of Directors' Responsibilities 116
ACCOUNTS
Independent Auditor's Report to the
members of A.G. BARR p.l.c. only 117
Consolidated Income Statement 126
Statements of Financial Position 127
Statement of Comprehensive Income 128
Statement of Changes in Equity 129
Cash Flow Statements 131
Notes to the Accounts 132
Glossary 188
Reconciliation of Non-GAAP Measures 190
Notice of Annual General Meeting 192
Board of Directors 58
Our section 172(1) statement describing how the directors have had regard to the matters set out in section 172(1)(a) to (f) when performing their duties under section 172 of the Companies Act 2006 is set out in the Corporate Governance Report on pages 60 to 71 and is incorporated by reference into this Strategic Report.
1
A.G. BARR p.l.c. Annual Report and Accounts 2022
Our Business
A.G. Barr is a branded consumer goods business focused on growth.
Our overarching purpose is to create value, with values - for our shareholders, consumers, customers and for society as a whole. We do this by building great brands.
Established over 140 years ago in Scotland and now operating across the UK and with export markets throughout the world, we strive to grow our business both organically and through partnerships and acquisition.
Employing 895 people across nine UK locations, we are proud to be a responsible business that listens to our consumers, builds lasting customer relationships, takes care of our people, values diversity, gives something back to our communities and works to minimise our environmental impact.
At our core is the Barr Soft Drinks business unit, home to some of the UK's most loved soft drinks brands. We make it our business to understand what consumers want and build great tasting and differentiated soft drinks brands that people love.
Whether it's the iconic IRN-BRU, launched in 1901 and still going strong today, our vibrant RUBICON fruit, juice and energy drinks, or our unique range of BARR flavours, our brands offerpeople a choice of great tasting products and bring exciting innovation to the market.
Enhancing our portfolio, we also operate a limited number of brand partnerships, complementing our own range of products with global brands SNAPPLE and BUNDABERG Brewed Drinks in the UK and beyond.
But we're not just about soft drinks - our FUNKIN business unit operates in the exciting and growing cocktail market. The FUNKIN brand's mission is to democratise cocktails, providing innovative and unique purées, syrups and mixers, as well as ready to drink cocktails for behind the bar and at home.
Over recent years we have also entered new markets such as zero proof spirits and plant-based milk, taking equity stakes in small but high potential businesses - initially with the STRYKK brand and most recently through an equity stake in MOMA Foods Limited.
Number of employees
895
Brands
15
UK sites
9
2
Accounts
OUR PURPOSE & MISSION
To create value, with values - for our shareholders, consumers, customers and for society as a whole. We do this by building great brands.
OUR EMPLOYEE VALUES
A shared culture supported by EPIC values at Funkin and Barr Behaviours in our Barr Soft Drinks business
OUR RESPONSIBILITY
Our values include our commitment to responsible actions, underpinned by four key commitments:
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A.G.Barr plc published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 09:04:08 UTC.