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2009 Annual Results Announcement

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3 November 2009

 

ABF delivers good results in difficult economic times

Financial Highlights

  • Group revenue up 12% to £9.3bn
  • Adjusted operating profit up 8% to £720m*
  • Adjusted profit before tax up 4% to £655m**
  • Adjusted earnings per share up 5% to 57.7p**
  • Dividends per share up 4% to 21.0p
  • Net investment in capital expenditure and acquisitions less disposals of £832m
  • Net debt of £999m
  • Operating profit up 13% to £625m, profit before tax down 6% to £495m*** and basic earnings per share up 1% to 45.5p

George Weston, Chief Executive of Associated British Foods, said:

“We have consistently developed the group through investment and this year it enabled the delivery of good results in difficult economic times. The pace of development activity has increased and all our businesses are well equipped to deliver future growth.”

* before amortisation of non-operating intangibles, profits less losses on the sale of property, plant & equipment, inventory fair value adjustment and exceptional items
** before amortisation of non-operating intangibles, profits less losses on the sale of property, plant & equipment, inventory fair value adjustment, profits less losses on the sale and closure of businesses and exceptional items
*** unadjusted profit before tax includes a £65m loss on the closure of businesses, principally the rationalisation of our US packaged oil business.

All adjustments to profit measures are shown on the face of the consolidated income
statement.

For further information please contact:
Associated British Foods:
Until 15.00 only

George Weston, Chief Executive
John Bason, Finance Director
Tel: 020 7638 9571

Jonathan Clare/Chris Barrie/Nicola Smith, Citigate Dewe Rogerson
Tel: 020 7638 9571

After 15.00
John Bason, Finance Director
Tel: 020 7399 6500

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