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History of the Group 2000 onwards
2007
As for last year, the most notable changes in the group have occurred in the Sugar & Agriculture and Retail sectors:
- Overall adjusted group operating profits of £622m were significantly up on last year along with an equally impressive increase of 13% in group revenue at £6.8 billion
- These results have been achieved in the face of a weak US dollar and extremely sharp cost increases in some key commodities.
- Our sugar activities have been transformed and now extend across nine countries in three continents. Further investment has been authorised to upgrade and extend these facilities.
- We opened the UK’s first bioethanol plant at Wissington, using sugar beet as a feedstock
- Primark grew rapidly during the year with a 37% increase in retail selling space since last year. A flagship store opened very successfully in London’s Oxford Street
2006
The past year has seen major long-term developments for the group, the most important of which have been in our two largest businesses: sugar and retail.
- Overall adjusted group operating profits of £561m were marginally ahead of 2005 and there was a very satisfactory advance in group revenue, up 7% to £6 billion.
- This result was despite the £34m impact of sugar regime reform and a £64m increase in energy costs, most of which could not be recovered in pricing.
- Our expanding sugar business benefited from further investment worldwide, including the acquisition of a 51% share in the African-based company, Illovo Sugar Ltd, resulting in a total global capacity of 4m tonnes.
- Primark’s store opening programme is now approaching completion. The conversion of former Littlewood outlets to Primark stores is on schedule and will result in a floor sales area of 4.3 million sq ft in 2007, an increase of 70% over a period of 18 months.
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2005
Strong results in 2005 were the consequence of the success of Primark, good progress in most of our other existing businesses, and satisfactory contributions from our recent acquisitions.
- Operating profit was up 13% to £487m. Profit before tax was down 3% to £479m and basic earnings per share down 3% to 42.2p after £47m provision to close Littlewoods business.
- Group sales increased by 9% to £5,622m, and adjusted earnings per share were up 14% to 53.0p.
- Over £1.5bn was invested in acquisitions and capital expenditure.
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2004
ABF saw another good set of results in 2004.
- Operating profit, before amortisation of goodwill, increased by 12% to £478m.
- Sales increased by 5% to £5,165m and adjusted earnings per share rose by 13% to 46.6p.
- ABF prospers on the back of good market positions, first-rate assets, strong cash flow and, most importantly, effective people.
- In addition, the business moved to become more international with the integration of AB Mauri around the world and Tones in the US.
- It increased the scale of its key operations and became less dependent on the European sugar regime.
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2003
ABF performed strongly during the 2003 financial year.
- Operating profit increased by 14% to £450m and group sales were up 8% to £4,909m.
- Mazola and Ovaltine, which had been acquired in 2002, performed well following integration into the group.
- During the year, ABF acquired the minority interests in George Weston Foods in Australia and there was a substantial improvement in profit.
- Primark continued to make a major contribution with like-for-like sales up 7%.
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2002
This year saw the death, on 15th February 2002, of Mr Garry Weston, former Chairman of ABF and a director since 1949.
- Paying tribute to his colleague, Chairman, Harry Bailey said that Mr Weston's record of success was well documented and credited him with creating one of the most solidly financed companies in the FTSE 100.
- In April the acquisition of Unilever's Mazola branded corn oil business in the US, Canada and Puerto Rico was announced.
- In October the acquisition of Novartis AG's Food and Beverage business was announced, comprising Ovaltine and associated brands.
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2001
Successful restructuring saw the group continue to perform strongly throughout 2001.
- Sales were up 4% to £2,025 million and profit before tax increased 12% to £191 million.
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Restructuring undertaken during the year included:
- the disposal of the Nelsons business
- the acquisition of four sugar factories in Poland, two in China and SPP Ingredients from Kerry
- the closure in the UK of Ipswich and Bardney sugar factories plus Uxbridge flour mill; Cranswick animal feed mill and Columbus in North America.
- Primark opened 15 new stores.
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2000
The group continued to perform strongly and maintained its expansion programme.
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Acquisitions included:
- Röhm Enzyme in Germany
- UK animal feed mills
- Lonza Polyols in the US.
- Garry Weston retired as chairman due to poor health.
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