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2011 Annual Results Announcement


8 November 2011


Another year of progress for ABF

Financial Highlights

Group revenue up 9% to £11.1bn

Adjusted operating profit up 1% to £920m*

Adjusted profit before tax up 1% to £835m**

Adjusted earnings per share up 2% to 74.0p**

Dividends per share up 4% to 24.75p

Net capital investment of £825m

Net debt of £1,285m

Operating profit up 3% to £842m, profit before tax down 1% to £757m and basic earnings per share down 1% to 68.7p.  Last year included a profit of £28m on disposal of businesses, principally the Polish sugar operation.

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

“These results reflect another year of progress for the group.  Operating profit improved as our businesses overcame the challenges of high commodity cost inflation and weaker consumer demand.  Further substantial investment saw the completion of a number of major capital projects and a sizeable increase in the Primark estate.  Opportunities for further investment are exciting, particularly in Primark, and the strength of the group balance sheet and a strong cash flow will enable us to pursue them with confidence.”

* 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 52 week period ended 17 September 2011.  Prior year results were for the 53 week period ended 18 September 2010.  On a comparable basis adjusted operating profit was 3% ahead of last year.

For further information please contact:

Associated British Foods:
Until 15.00 only
John Bason, Finance Director
Tel: 020 7638 9571

Chris Barrie/Nicola Swift/ Kate Lehane, Citigate Dewe Rogerson
Tel: 020 7638 9571

Jonathan Clare
Tel: 07770 321881

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

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