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2016 Interim Results announcement

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19 April 2016

Associated British Foods plc announces its interim results for the 24 weeks ended 27 February 2016

Progress in all our businesses despite currency

Financial Highlights

Actual
Constant
currency1

Group revenue £6,117m

-2%

+2%

Adjusted operating profit £486m*

+3%

+5%

Adjusted profit before tax up 4% to £466m**


Adjusted earnings per share level at 46.1p**


Dividend per share up 3% to 10.3p



Net debt reduced to £421m



Operating profit up 35% to £477m, profit before tax up 115% to £457m and basic earnings per share up 150% to 45.2p

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

“These results demonstrate underlying progress for all of our businesses in the period despite currency. Good buying and selling space expansion continued at Primark, cost reduction and performance improvements contributed to a better result at Sugar, profits were well ahead at Ingredients, and profit margins improved at Grocery and Agriculture.”

* 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.

References to operating profit in the Operating Review are based on the adjusted measure defined above.

1 Constant currency is derived by translating the 2015 results at 2016 average exchange rates.

For further information please contact:

Associated British Foods:
Until 15.00 only

John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7638 9571

Chris Barrie/Eleni Menikou, 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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