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2015 Interim Results announcement

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21 April 2015

Associated British Foods plc announces its interim results for the 24 weeks ended 28 February 2015

ABF delivers a sound trading result

Financial Highlights

Actual
Constant currency1

Group revenue £6,248m

+1%

+3%

Adjusted operating profit £474m*

-5%

-2%

Adjusted profit before tax down 4% at £450m**



Adjusted earnings per share up 1% at 46.1p**



Dividend per share up 3% to 10.0p



Net debt £801m after net capital investment of £277m



After profits less losses on sale and closure of businesses and exceptional items, operating profit down 24% to £353m, profit before tax down 51% to £213m and basic earnings per share 58% to 18.1p

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

“This is a sound trading result with significant progress made in operating profit by Primark, Agriculture and Ingredients, and further improvement in Grocery’s margin. As expected, profitability at AB Sugar was substantially lower as a result of much weaker EU sugar prices. Primark’s performance was driven by significant expansion of selling space and superior trading by the stores opened in the last 12 months and plans for its entry into the north-east of the US are well advanced.”

* before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets and exceptional items.

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

All figures stated after amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses, and exceptional items are shown on the face of the condensed consolidated income statement.

1 Constant currency is derived by translating the 2014 results at 2015 average exchange rates.

For further information please contact:

Associated British Foods:
Until 15.00 only

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

Chris Barrie/Shabnam Bashir, Citigate Dewe Rogerson
Tel: 020 7638 9571

Jonathan Clare
Tel: 07770 321881

After 15.00
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500

 

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