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Interim results for the 24 weeks ended 1 March 2008

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22 April 2008

 

Earnings growth of 8% and further substantial investment at ABF

Highlights

  • Group revenue up 15% to £3,706m
  • Adjusted operating profit up 9% to £296m*
  • Adjusted profit before tax up 5% to £282m **
  • Adjusted earnings per share up 8% to 25.2p **
  • Interim dividend per share up 4% to 6.75p
  • Net investment in capital and acquisitions of £363m
  • Net debt of £848m
  • Operating profit up 17% to £281m, profit before tax up 35% to £267m and basic earnings per share up 33% to 25.6p

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

"These good results demonstrate that the group remains on track with strong growth from Grocery, Ingredients and Agriculture and another excellent performance from Primark. The development of our businesses continued apace, most notably with further substantial investment in Sugar and expansion at Primark."

* 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 1500 only

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

Geoff Lancaster, Head of External Affairs
Mobile: 07860 562 659

Jonathan Clare/Chris Barrie/Hannah Seward, Citigate Dewe Rogerson
Tel: 020 7638 9571
After 1500
John Bason, Finance Director
Tel: 020 7399 6500

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