It was a change in tone for the FTSE 250-listed Irn Bru producer, which added revenues for the financial year ended 25 January will be 9% lower at £255mln.
Volumes were hit by an increase in average price as the soft drinks company adjusted its promotional and pricing position to align with the market.
Adjusted profit before tax was “just ahead of” £37mln, which was at the “top end” of market estimates.
It was 2.3% higher than Bloomberg consensus of £36.2mln.
The figure factors in exceptional costs of £1.5mln to £2mln to remove a wind turbine at its Cumbernauld site near Glasgow, as part of a re-engineering programme.
Deposit return scheme looms
Analysts at Liberum now expect an update on a Scottish initiative that will see consumers paying a 20p deposit when they buy bottles and cans, to get it back when they recycle.
“While we love its iconic brand portfolio and the long-term focus of the management team, we continue to factor in what should be a painful Scottish deposit return scheme,” analysts at the broker said in a note.
The company included it as a “new principal risk” in an update published last April.
Shares were up 15% to 623p on Tuesday morning.