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2019 Interim Results Announcement


24 April 2019

ABF delivers a robust set of results

Financial Headlines




Group revenue




Adjusted operating profit




Adusted profit before tax


In line

Adjusted earnings per share


In line

Dividend per share



Gross investment


Net Cash


Statutory operating profit down 14% to £534m, statutory profit before tax down 15% to £515m, and a reduction in basic earnings per share of 19% to 49.2p mainly as a result of an exceptional charge of £79m included in this year’s income statement.

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

“This is a robust set of results. Profit at AB Sugar was substantially reduced but, from this period, we expect our sugar profitability to improve. The strong underlying growth in Grocery profits demonstrates good momentum. Primark delivered excellent profit growth, driven by further development of our customer experience and selling space expansion.”

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 exchange rates are used, applied to local currency data before the application of IAS 29.

Underlying profit for Grocery excludes 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
Tel: 020 7638 9571

Citigate Dewe Rogerson:
Chris Barrie
Tel: 020 7638 9571

After 15.00
John Bason, Finance Director
Tel: 020 7399 6500