AB Foods Sees Drop in Fiscal Year Earnings on Stronger Pound, Weaker Sugar Profit
September 07 2015 - 2:43AM
Dow Jones News
LONDON--Associated British Foods PLC (ABF.LN) Monday said its
full-year profit will come in below last year's results due to the
strengthening pound and weaker earnings in its sugar arm.
Overall, results for the year to Sept. 12 will be in line with
guidance given in June, the company reported.
AB Foods, which owns the Primark fashion chain, said the
previously-flagged impact of the stronger pound will reduce
earnings by GBP30 million ($45.6 million).
"If current rates persist we expect an adverse effect on
adjusted operating profit next year," it added.
Net debt at the year-end will be lower than the GBP446 million
reported at the end of the 2014 financial year, AB Foods said.
Write to Ed Ballard at ed.ballard@wsj.com
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(END) Dow Jones Newswires
September 07, 2015 02:28 ET (06:28 GMT)
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