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2019 Annual Results Announcement


5 November 2019.

A resilient performance

Financial Headlines


Group revenue




Adjusted operating profit




Adjusted profit before tax



Adjusted earnings per share



Dividends per share



Gross investment


Net cash


Statutory operating profit



Statutory profit before tax



Basic earnings per share



Statutory operating profit down 5% to £1,282m mainly as a result of an exceptional charge of £79m included in this year’s income statement. This year includes a greater loss on closure of businesses, and so statutory profit before tax was down 8% to £1,173m and basic earnings per share were down 13% to 111.1p.

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

"The group delivered a resilient performance this year, with strong profit growth from Grocery and Primark which more than offset the profit decline in Sugar. We continued to pursue the opportunities to grow our businesses with a gross investment of over £800m. Next year the group is well-positioned for further progress, with the continued expansion of Primark, a material improvement in our Sugar profit and strong profit growth in Grocery."

Adjusted operating profit is stated before the amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, transaction costs, amortisation of acquired inventory fair value adjustments and exceptional items. These items, together with profits less losses on the sale and closure of businesses, are excluded from adjusted profit before tax and adjusted earnings per share. References to operating profit in the Operating Review are based on this adjusted operating profit measure.

Constant currency figures are derived by translating the 2018 results at 2019 average exchange rates, except for countries where consumer price inflation has escalated to extreme levels, in which case actual rates are used.

References to underlying profit for Twinings Ovaltine and Grocery exclude a £12m charge in 2019 in respect of the closure of the Twinings tea factory in Jinqiao, China.

For further information please contact:
Until 15.00 only
Associated British Foods:

John Bason, Finance Director
Catherine Hicks, Corporate Affairs Director
Tel: 020 7638 9571

Citigate Dewe Rogerson:
Chris Barrie, Jos Bieneman
Tel: 020 7638 9571

After 15.00
John Bason, Finance Director
Catherine Hicks, Corporate Affairs Director
Tel: 020 7399 6500