AB Foods Fiscal Year 2020 Profit Fell on Coronavirus Hit
November 03 2020 - 2:53AM
Dow Jones News
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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