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Preliminary Announcement for year ended 15 September 2007

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6 November 2007

 

Highlights

  • Group revenue up 13% to £6.8bn
  • Adjusted operating profit up 11% to £622m*
  • Adjusted profit before tax up 10% to £613m **
  • Adjusted earnings per share up 4% to 52.9p**
  • Dividends per share up 4% to 19.5p
  • Net investment in capital expenditure and acquisitions of £489m
  • Net debt of £311m
  • Operating profit up 28% to £556m, profit before tax up 21% to £508m and basic earnings per share up 23% to 46.7p.

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

“This year’s strong growth in revenue and operating profit reflects the recent major investment made by the group in capital expenditure and acquisitions. The scale and range of our sugar activities are being transformed and Primark is now the second largest clothing retailer in the UK by volume. Our grocery business was strengthened with the acquisition of Patak’s, and Agriculture and Ingredients performed well. I am very encouraged that the considerable progress made places us well for growth in the future.”

* 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 sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items.

Adjusted earnings per share reflect much higher minority interests following the acquisition of Illovo.

All figures stated after amortisation of non-operating intangibles, profits less losses on the sale of PP&E and losses on the sale and closure of businesses 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/Fiona Bradshaw, Citigate Dewe Rogerson
Tel: 020 7638 9571
After 1500
John Bason, Finance Director
Tel: 020 7399 6500

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