(Sharecast News) – Irn-Bru maker AG Barr announced on Tuesday that chief executive Roger White will step down at a mutually agreed date in the next 12 months after more than 20 years at the company.
Barr said it will immediately begin a formal succession process including an external search to ensure “a smooth leadership transition”.
White said: “It has been a privilege and pleasure to lead the business for over two decades and now the time is right to plan for my succession and to ensure the continued success of the business.
“I would like to pay tribute to everyone across the whole organisation who make AG Barr a very special place with amazing brands.”
New of White’s departure came alongside a trading update in which the drinks company said revenue for the first half of the year is expected to be around £210m, up from £157.9m. This represents about 33% year-on-year growth – or 10% on a like-for-like basis – excluding the contribution from the Boost Drinks business it bought in December 2022.
AG Barr also said that full-year profit is set to be “marginally above” the top end of analyst expectations.
Roger White said: “In March we communicated that 2023/24 would be a year of investment across the business, supporting the group’s long-term revenue and profit growth ambitions. I am pleased to report we have had a strong first half, despite ongoing macro cost challenges. Our focus remains on offering consumers great value, affordable brands.”