White to step down after long service at AG Barr
Roger White, one of the longest-serving CEOs of a listed company, will step down from his role at Irn-Bru maker AG Barr over the next 12 months.
The board has begun a formal succession process including an external search to ensure a smooth leadership transition.
Mark Allen, chairman of the Cumbernauld-based company, said “Roger has served the shareholders, board, wider business and industry for over 21 years. This makes him one of the longest serving CEO’s in the UK public market.
“He has supported the transformation of the business from a regional soft drinks business into a highly successful multi beverage, branded company that has delivered significant value to shareholders, stakeholders and employees.
“AG Barr has a strong culture and momentum and is strategically well placed to continue to deliver for the long term”.
Mr White added: “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.”
In a trading update for the 26 weeks ended 30 July 2023, the company said revenue for the first half of the financial year is expected to be c.£210m (2022/3 : £157.9m).
This represents c.33% year-on-year revenue growth – c.10% on a like-for-like basis – excluding the contribution from the Boost Drinks business acquired in December 2022.
The Group delivered revenue and volume growth, reflecting underlying brand momentum, the benefit of higher pricing from early in the year and particularly good weather in June.
It expects full year profit performance to be marginally above the top end of analyst expectations.
Mr 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 medium-term plan to rebuild the group’s operating profit margin is progressing well across a range of activities, including supply chain optimisation, cost management and portfolio development. We have strong brand plans in place across the business for the balance of the year to sustain our growth momentum and we remain confident in the group’s long-term growth strategy”.