The profits were on revenues of £157.9m, a 20% rise from the same period last year on a like-for-like basis. The company announced an interim dividend of 2.5 pence per share.

Chief executive Roger White commented: “We made a very strong start to the year and continue to see good momentum across our business and brands. That said, the UK’s high level of inflation has accelerated across the summer and is creating a well documented cost of living crisis for many consumers, alongside increasing challenges for industry.

“We continue to take action to mitigate the cost pressures we face both in the short term across the balance of the current financial year and where possible into 2023.

“We anticipate in the coming months that the current economic environment will impact consumer purchasing behaviour, however we currently remain confident that our strategy and actions will allow us to deliver a full-year profit performance ahead of the prior year.”

John Moore, senior investment manager at RBC Brewin Dolphin, commented on the firm’s performance saying the company “delivered a strong set of results in a highly challenging set of circumstances, underlining its resilience as a business.”

He added: “The cost of living crisis and rising energy costs are significant uncertainties for the company, but there is a confidence in today’s statement that suggests the management team are ready to weather the storm.

“The 25% increase to the dividend is also good news for shareholders and is well covered by a strong balance sheet, with cash built up over the past two years.

“AG Barr has a core set of brands performing well, the question is what the company will do next with its investments in STRYKK and Moma, and what other investment opportunities may come up in the changing and uncertain business environment. The company is well placed facing into what is generally a difficult backdrop.”