AG Barr has reported clean PBT a shade under our forecasts, so a flat y-o-y outcome. Current trading is reported to be in line with expectations and at this early stage we do not envisage making any notable forecast changes. The challenge this year is to return to growth and show good trading momentum. It also needs to rebalance its drinks portfolio to better mitigate the proposed sugar tax levy. Both are deliverable but We stay at Hold until we see firmer evidence.
