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2022 annual results announcement

Robust delivery in food; retail performance strongly ahead

Financial Headlines

    Actual currency change Constant currency change
Group revenue




Adjusted operating profit




Adjusted profit before tax



Adjusted earnings per share



Dividends per share 43.7p +8%  
Gross investment


Net cash before lease liabilities


Net debt including lease liabilities


Statutory operating profit


Statutory profit before tax


Basic earnings per share



Statutory operating profit of £1,178m was 46% ahead and is stated after charging net exceptional items of £206m (2021: £151m)


– 10% sales growth at constant currency demonstrating price actions

– Adjusted operating profit for Sugar, Agriculture and Ingredients ahead of last year

– Grocery margin of 10.7% reflecting a lag in pricing to recover input cost inflation


– Total sales £7.7bn, 43% ahead of last year on a 52-week comparable basis at constant currency

– Significant increase in customer footfall and sales densities as markets emerged from pandemic

– UK like-for-like sales and market shares now broadly in line with pre-COVID levels

– Weaker like-for-like sales in Continental Europe given cautious customer sentiment

– Improved full year adjusted operating profit margin at 9.8%

– Continuing to build digital capability, new UK website, Click and Collect trial launching in 25 UK stores

Shareholder returns

– Total dividends of 43.7p up 8% over 40.5p last year (6.2p interim, 20.5p final and 13.8p special)

– Announcement of £500m share buy-back programme to be completed in financial year 2022/23

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

“The Group delivered strong revenue and profit growth this year in a clear demonstration of the benefits of our diversification, brand strength, and of our commitment to disciplined financing and investment. The performance was achieved despite pandemic-induced disruption being followed by high and volatile input cost inflation.

Our Food businesses continued to play their important role providing safe, nutritious food in an era of supply chain disruption and high inflation. Sales increased by 10% driven by price recovery with adjusted operating profit proving resilient.

Sales, margin and profits at Primark increased significantly as more normal customer behaviour resumed after the pandemic. Significant progress was made in building out Primark’s digital capability, which will be a key element in the future development of Primark.

Looking ahead, substantial and volatile input cost inflation will be the most significant challenge in the new financial year, and our businesses will continue to seek to recover these higher costs in the most appropriate way. Primark has faced significant input cost inflation and sharply moving currency exchange rates. We have decided to hold prices for the new financial year at the levels already implemented and planned and to stand by our customers, rather than set pricing against these highly volatile input costs and exchange rates.

As a result, in the current financial year, we expect significant growth in Group sales from pricing in Food, as well as from some pricing and from space expansion at Primark. Our outlook remains unchanged. We continue to expect Group adjusted operating profit and adjusted earnings per share to be lower than the financial year just closed.

The Group remains financially strong with good cash generation and substantial liquidity and we are announcing this year a share buyback programme of £500m together with an 8% increase in the total dividend.”

Like-for-like sales metric expressed over three years enables measurement of the performance of our retail stores compared to our experience in 2019, which was before any of the economic effects of COVID-19.

The Group has defined, and outlined the purpose of, its Alternative performance measures in note 13. These measures are used within the Financial Headlines and in this Annual Results Announcement. In FY 2021 the 53rd week applied to Primark and George Weston Foods.


For further information please contact:

Associated British Foods:

Tel: 020 7399 6545

John Bason, Finance Director Chris Barrie, Corporate Affairs Director

Citigate Dewe Rogerson:

Tel: 020 7638 9571

Holly Gillis

Tel: 07940 797560

Angharad Couch

Tel: 07507 643004

There will be an analyst and investor presentation at 09.00am GMT today which will be streamed online and accessed via our website here.

ABF Annual Results Announcement (pdf)

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