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2017 Interim Results announcement

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19 April 2017

Associated British Foods plc announces its interim results for the 24 weeks ended 4 March 2017

Excellent progress on all fronts

Financial Highlights


Actual
Constant
currency

Group revenue

£7,296m

+19%

+7%

Adjusted operating profit

£652m

+36%

+23%

Adjusted profit before tax

£624m

+35%


Adjusted earnings per share

59.7p

+30%


Dividend per share

11.35p

+10%


Gross capital investment

£416m



Net cash

£190m







Statutory operating profit up 36% to £640m and, with the benefit of a profit on the sale of businesses, profit before tax up 92% to £867m and basic earnings per share up 79% to 80.5p

George Weston, Chief Executive of Associated British Foods, 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.”

Adjusted operating profit is stated before the amortisation of non-operating intangibles, profits less losses on disposal of non-current assets and transaction costs. These items, together with profits less losses on the sale and closure of businesses, are excluded from adjusted profit before tax and adjusted earnings per share. Constant currency is derived by translating the 2016 results at 2017 average exchange rates.

References to operating profit in the Operating Review are based on the adjusted measure defined above.

For further information please contact:

Associated British Foods:
Until 15.00 only

John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7638 9571

Chris Barrie/Eleni Menikou, Citigate Dewe Rogerson
Tel: 020 7638 9571

After 15.00
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500

 
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