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Chairman’s Address to AGM


10 December 2010

At the Annual General Meeting today (10 December 2010) Mr Charles Sinclair, Chairman of Associated British Foods, in addressing shareholders made the following comments on current trading for the group since the close of the financial year ended 18 September 2010:

“Trading results for the first two months of the new financial year were in line with expectations.  We remain cautious over the uncertain economic outlook for western economies and the possible impact on consumer spending.  We have seen, recently, significant increases in some commodity prices.  Higher sugar prices are expected to improve our sugar profitability, we aim to recover higher wheat costs, and higher cotton prices will have some impact on Primark’s margins as a result of its continued commitment to offer the best value on the high street. We continue to invest in the development of our businesses and further returns will be delivered as these investments complete.  Last year saw a step change in the group’s profitability and we expect to achieve revenue and profit growth in the current year.”

For further enquiries please contact:

Associated British Foods
John Bason, Finance Director                          Tel: 020 7399 6500

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