Associated British Foods PLC AGM Trading Statement (8772V)
December 06 2019 - 2:00AM
UK Regulatory
TIDMABF
RNS Number : 8772V
Associated British Foods PLC
06 December 2019
6 December 2019
Associated British Foods plc is holding its Annual General
Meeting today. At the meeting the Chairman, Michael McLintock, will
say:
"At this early stage in our new financial year, I would
reiterate the outlook that we included in my statement in the
annual report.
This year, AB Sugar will benefit materially from the increase
seen last year in EU sugar prices and from further cost reduction.
We expect another year of strong profit and margin growth in
Grocery, with Twinings Ovaltine in particular benefiting from a
more efficient tea supply chain.
Primark will continue to expand its selling space this year,
with the most stores being added in France and Spain. Since the
year end we have opened three new stores, bringing our total estate
to 376 stores trading from 15.8 million sq ft. Looking further
ahead, Primark has a strong pipeline of good quality sites. We
expect margin for the full year to be only a small reduction on
that achieved last year, on a lease-adjusted basis, with the effect
of a weaker sterling on purchases being largely offset by cost
reductions in both the cost of goods and overheads.
Our businesses have completed all practical preparations for
Brexit and contingency plans are in place should our businesses
experience some disruption at the time of exit.
Taking these factors into account, we still expect progress, on
both a reported and an IFRS 16 adjusted basis, in adjusted earnings
per share for the group for this financial year."
For further enquiries please contact:
Associated British Foods
John Bason, Finance Director Tel: 020 7399 6500
Catherine Hicks, Corporate Affairs Director
Citigate Dewe Rogerson
Chris Barrie, Jos Bieneman Tel: 020 7638 9571
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END
AGMUVRVRKBAURAA
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