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2010 Annual Results Announcement

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9 November 2010

 

A record year for Associated British Foods

Financial Highlights

  • Group revenue up 10% to £10.2bn
  • Adjusted operating profit up 26% to £909m*
  • Adjusted profit before tax up 26% to £825m**
  • Adjusted earnings per share up 25% to 72.2p**
  • Dividends per share up 13% to 23.8p
  • Net capital investment of £699m
  • Net debt of £816m
  • Operating profit up 31% to £819m, profit before tax up 54% to £763m and basic earnings per share up 52% to 69.3p

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

“This year’s outstanding results represent a step change for the group.  A number of major projects will be completed over the coming year which will underpin future profit delivery and provide a platform for further growth.  Opportunities for further attractive investment are plentiful and the group has the financial capacity to exploit them.”

* before amortisation of non-operating intangibles and profits less losses on disposal of non-current assets
** before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, and profits less losses on the sale and closure of businesses

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

These results are presented for the 53 week period ended 18 September 2010.  Prior year results were for the 52 week period ended 12 September 2009.

For further information please contact:

Associated British Foods:
Until 15.00 only
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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