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AG Barr takes stake in shots maker for £15m
(Sharecast News) - Irn-Bru maker AG Barr on Tuesday said it had bought a majority holding in functional shots producer Innate-Essence for an initial £15m.
Innate-Essence owns The Turmeric Co, which makes raw turmeric shots, which is part of the growing market for small, concentrated doses of liquids to provide targeted health benefits.
In a trading update, the beverages producer said it expected a 3% rise in first-half revenue to £228m. Trading momentum increased as the half progressed, with several record volume weeks in the second quarter.
"Our revenue and profit growth expectations for the full year are unchanged. We are confident that H2 will see a strong rate of year-on-year revenue growth. We have made excellent progress with operating margin during H1 and expect to deliver a full year result in line with expectations after taking into account a planned higher level of marketing activity in H2," the company said.
Reporting by Frank Prenesti for Sharecast.com
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