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Trading statements

ABF buoyed by strong results from Primark

06 July 2017 07:23

Associated British Foods' third quarter was ahead of its forecast as a result of a stronger profit delivery from Primark which had marginally improved the group outlook for the full year.

Group revenue from continuing businesses for the 40 weeks ended 24 June was 10% ahead of the same period last year at constant currency and 20% ahead at actual exchange rates.

The group said results in the third quarter were strong with revenue growth of 13% at constant currency and 20% at actual exchange rates.

It said the results to date reflected a material translation benefit from the devaluation of sterling following the result of the UK referendum on EU membership in June last year.

At current exchange rates, the translation benefit would be significantly less in the last quarter of our financial year.

The group said it continued to expect to report good growth in adjusted operating profit and adjusted earnings per share for the group.

Story provided by StockMarketWire.com

Related Company: ABF

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