LONDON--Food processing, grocery, and clothing company
Associated British Foods PLC (ABF.LN) Tuesday reported a 26%
increase in pretax profit in the 24 weeks to March 2, driven by a
24% increase in sales at clothing retailer Primark, and also
declared a 10% increased interim dividend of 9.35 pence.
MAIN FACTS:
-Profit before taxation in 24 weeks to March 2 GBP415 million
versus GBP329 million in 24 weeks to March 3 2012
-Group revenue up 10% to GBP6.33 billion versus GBP5.77
billion
-Operating profit up 21% to GBP459 million versus GBP378
million
-Adjusted operating profit up 20% at GBP496 million versus
GBP412 million
-Adjusted profit before tax up 25% to GBP452 million
-Basic / diluted EPS 38.9 pence versus 31.7 pence
-Adjusted earnings per share up 22% at 41.9 pence
-Net debt GBP1,337 million after net capital investment of
GBP334 million
-Primark sales 24% ahead of the same period last year including
7% like-for-like growth
-For FY, sees strong profit growth from Primark, but not at the
same level of 1H which benefitted from lower cotton prices, and
also expects an improvement in Grocery.
-These will more than offset a reduction in profit from Sugar as
a result of lower E.U. production and lower prices in China.
-Shares closed Monday at 1,850 pence valuing the company at
GBP14.6 billion.
-Write to Ed Ballard at ed.ballard@dowjones.com
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