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2009 Interim Results Announcement

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21 April 2009

 

A reassuring set of results

Highlights

  • Group revenue up 18% to £4,374m
  • Adjusted operating profit level at £297m*
  • Adjusted profit before tax down 2% to £275m **
  • Adjusted earnings per share level at 25.2p **
  • Dividends per share up 2% to 6.9p
  • Net capital investment of £272m
  • Net debt of £1,143m
  • Operating profit down 7% to £260m, profit before tax down 33% to £178m and basic earnings per share down 31% to 17.6p reflecting a charge for the sale and closure of two US businesses

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

“This is a reassuring set of results achieved in a difficult economic environment.  Strong profit growth was delivered by Sugar and Primark but Grocery was adversely affected by high priced contracts in US corn oil. Good progress was made with the capital investment programme which will be a major contributor to our future growth.”

* before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items
** before amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items

All figures stated after amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items 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/Hannah Seward, Citigate Dewe Rogerson
Tel: 020 7638 9571

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

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