Irn Bru maker AG Barr PLC (LSE:BAG) showed “strong underlying momentum” in its half-year trading update, according to analysts at house broker Shore Capital.
Despite the unfavourable spring and summer weather in the UK, the company reported a 5% increase in group revenue. The Soft Drinks segment, which includes the iconic Irn-Bru brand, saw a robust 7% growth.
“Strategically AG Barr has made good progress in the period,” said Shore Cap, highlighting the integration of the Boost drinks range.
But it was Rubicon that “was again the star of the category”, said analysts, “with double-digit growth reported, driven by a combination of new distribution gains, marketing investment and innovation”.
MOMA, another brand under AG Barr, maintained its growth trajectory due to new distribution gains, added the house broker.
AG Barr shares gained 2.4% on Tuesday, reflecting the group’s steady performance.