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ABF sees excellent progress on all fronts

19 April 2017 07:16

Associated British Foods saw excellent progress on all fronts in the 24 weeks to 4 March with statutory operating profit up 36% at £640m.

And it said that with the benefit of a profit on the sale of businesses, profit before tax was up 92% at £867m and basic earnings per share rose 79% to 80.5p.

Group revenues rose to £7,296m - up 19% on an actual basis and 7% at constant currencies.

Adjusted operating profits rose to £652m - up 36% on an actual basis and 23% at constant currencies.

Chief executive George Weston said:"The underlying growth of the group at constant currency was strong in the first half.

"Primark delivered a substantial increase in selling space which, together with its strong consumer offering, contributed to a further increase in our share of the total clothing market.

"Furthermore, we achieved a more acceptable rate of return in Sugar and further good progress was made by our Ingredients and Grocery businesses."

Story provided by StockMarketWire.com

Related Company: ABF

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