Associated British Foods releases interim results
Posted: 21 April 2015 | Victoria White | No comments yet
Associated British Foods has released its interim results for the 24 weeks ended 28 February 2015. Group revenue up 1% to £6,248m…
Associated British Foods plc, a diversified international food, ingredients and retail group operating in 47 countries, has released its interim results for the 24 weeks ended 28 February 2015.
Associated British Foods delivered a sound trading result for the period with group revenue up 1% to £6,248m, buoyed by retail store Primark. However, the Group’s profits before tax were down 51% to £213m
|Financial highlights||Actual||Constant Currency|
|Group revenue £6,248m||+1%||+3%|
|Adjusted operating profit £474m*||-5%||-2%|
|Adjusted profit before tax down 4% at £450m**|
|Adjusted earnings per share up 1% at 46.1p**|
|Dividend per share up 3% to 10.0p|
|Net debt £801m after net capital investment of £277m|
|After profits less losses on sale and closure of businesses and exceptional items, operating profit down 24% to £353m, profit before tax down 51% to £213m and basic earnings per share 58% to 18.1p|
Profitability at AB Sugar lower because of weak EU sugar prices
George Weston, Chief Executive of Associated British Foods, said: “This is a sound trading result with significant progress made in operating profit by Primark, Agriculture and Ingredients, and further improvement in Grocery’s margin. As expected, profitability at AB Sugar was substantially lower as a result of much weaker EU sugar prices. Primark’s performance was driven by significant expansion of selling space and superior trading by the stores opened in the last 12 months and plans for its entry into the north-east of the US are well advanced.”
For more information about Associated British Foods plc, please visit www.abf.co.uk.
* before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets and exceptional items.
** before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses and exceptional items.