AB Foods Fiscal Year 2020 Profit Fell on Coronavirus Hit

By Matteo Castia

Associated British Foods PLC on Tuesday reported a fall in pretax profit for fiscal 2020 on lower revenue due to the coronavirus, but said it sees higher sales and profits next year for its clothing business, Primark.

The British conglomerate made a pretax profit of 686 million pounds ($886.2 million) for the year ended Sept. 12, compared with GBP1.17 billion in fiscal 2019.

Revenue fell to GBP13.94 billion from GBP15.82 billion a year earlier.

The board declared no final dividend in an attempt to preserve resources amid the coronavirus pandemic.

"Notwithstanding the currently announced periods of restriction, we expect Primark full year sales and profit to be higher next year," the company said.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

November 03, 2020 02:38 ET (07:38 GMT)

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