About Us
Our Businesses
Investors
Responsibility
Media
About Us
Our Businesses
Investors
Responsibility
Media
In our Annual Report this year we highlight how we are continuing to invest in new technologies, in products and processes, in our people, and in capital and acquisitions despite a year of economic volatility and high inflation. We show how our businesses are increasingly well-placed to grow sustainably from this year’s delivery of sales and profits.
As at 16 September 2023
Group revenue
Adjusted operating profit*
Operating profit
Profit before tax
Adjusted profit before tax*
Adjusted earnings per share*
Net cash before lease liabilities*
Net debt including lease liabilities*
Gross investment*
Return on average capital employed (ROACE)*
Dividends per share (including special dividend)
Basic earnings per share
* Alternative Performance Measures (APMs) as defined on pages 189 to 191 in the Annual Report.
The Group performed very well in the financial year despite significant inflationary and other macro-economic pressures.”
The Group is in very good shape. Its diversification, its strong positions in attractive markets, and the calibre of its management teams will stand it in good stead in the year ahead. But more than that, the operational improvements that we have made in the last 12 months, along with investment in new capacity and capabilities, should enable the Group to make very meaningful financial progress.”
Group revenue was £19.8bn, 15% ahead of last year at constant currency, with sales growth in each of our businesses, benefitting from the build of price increases taken to offset inflation. However, as expected, adjusted operating profit margin declined, from 8.4% last year to 7.7% this year as a result of the overall inflation. The Group generated an adjusted operating profit of £1,513m, an increase of 5% at actual rates ahead of last year, a strong result given the scale of input cost increases.”
Our way of operating – entrepreneurial but also financially prudent and focused on the long term – has achieved growth over many years and creates long-term value for our shareholders and other stakeholders alike.
We recognise the need to understand the ESG issues most relevant to our operations, our industries and our stakeholders. Materiality assessment helps us understand how ESG factors might impact our businesses. This assessment helps us prioritise our activities. We consider the guidance of globally recognised sustainability standards and frameworks when compiling potential material topics and issues.
Our businesses depend upon agricultural systems for most of the raw materials we use in our products, and we recognise the need to support more sustainable farm management practices.
Respect for the working conditions and labour standards of the workers in our businesses’ supply chains is important to us. We also recognise the potential contribution we can make to surrounding communities.
We employ over 133,000 people and have operations in 55 countries across Europe, Africa, the Americas, Asia and Australia. The people across our businesses are united by our purpose, culture and passion for delivering for our customers. We empower them to innovate and support them to grow and develop.
As a Group, we recognise that climate change represents a material risk throughout our supply chains and poses challenges to some of our businesses worldwide. However, we also recognise that climate change and the transition to a lower- carbon world presents opportunities.
We are reliant on a range of natural resources to deliver our products and new processes and technologies have enabled us to become highly efficient at maximising the value that we can derive from them.
Providing safe food and enabling customers to make healthier choices have both been central to our approach for a long time.
