AB Foods 1st Half Profit Rises 36%, Lifts Fiscal 2017 Forecasts
19 April 2017 - 4:55PM
Dow Jones News
By Tapan Panchal
LONDON--Associated British Foods PLC (ABF.LN) Wednesday recorded
a 36% rise in first-half adjusted operating profit, in line with
expectations, and said outlook for its fiscal 2017 results has
improved.
In the six months ended March 4, AB Foods recorded operating
profit, before certain exceptional items, of 652 million pounds
($824.85 million), up from GBP486 million recorded in the year ago
period. Sales at the company's fashion clothing unit Primark grew
12% in the interim period, ahead of the company's forecasts in
February.
The food, ingredients and retail group added that it expects to
report good growth for its full-year adjusted operating profit and
adjusted earnings per share.
On a statutory basis, first-half pretax profit totaled GBP867
million, up from GBP452 million, on a revenue of GBP7.29 billion
and GBP6.12 billion, respectively.
"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," said Chief Executive George Weston.
The U.K.-listed company has declared a dividend of 11.35 pence
per share for the period, up from 10.3 pence paid a year ago.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
April 19, 2017 02:40 ET (06:40 GMT)
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