Business
2019 Interim Results Announcement
2019 Interim Results Announcement.
About this update from Associated British Foods Plc
[{"type":"text","content":"\n \nRNS Number : 8615W Associated British Foods PLC 24 April 2019 \n\nFor release 24 April 2019\n \n \n \n \n \n \nAssociated British Foods plc\nInterim Results Announcement\n24 weeks ended 2 March 2019\n \nFor release 24 April 2019\nAssociated British Foods plc results for 24 weeks ended 2 March 2019\n \n \nABF delivers a robust set of results\n \nFinancial Headlines\n\n\n\n\n \n\n\n \n\n\nActual\n\n\nConstant currency\n\n\n\n\n· Group revenue\n\n\n£7,532m\n\n\n+1%\n\n\n+2%\n\n\n\n\n· Adjusted operating profit\n\n\n£639m\n\n\n-1%\n\n\n-2%\n\n\n\n\n· Adjusted profit before tax\n\n\n£627m\n\n\nIn line\n\n\n \n\n\n\n\n· Adjusted earnings per share\n\n\n61.1p\n\n\nIn line\n\n\n \n\n\n\n\n· Dividend per share\n\n\n12.05p\n\n\n+3%\n\n\n \n\n\n\n\n· Gross investment\n\n\n£433m\n\n\n \n\n\n \n\n\n\n\n· Net cash\n\n\n£386m\n\n\n \n\n\n \n\n\n\n\n· Statutory operating profit down 14% to £534m, statutory profit before tax down 15% to £515m, and a reduction in basic earnings per share of 19% to 49.2p mainly as a result of an exceptional charge of £79m included in this year's income statement.\n\n\n\n\nGeorge Weston, Chief Executive of Associated British Foods, said:\n \n\"This is a robust set of results. Profit at AB Sugar was substantially reduced but, from this period, we expect our sugar profitability to improve. The strong underlying growth in Grocery profits demonstrates good momentum. Primark delivered excellent profit growth, driven by further development of our customer experience and selling space expansion.\"\n \nAdjusted operating profit is stated before the amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, transaction costs, amortisation of acquired inventory fair value adjustments and exceptional items. These items, together with profits less losses on the sale and closure of businesses, are excluded from adjusted profit before tax and adjusted earnings per share. References to operating profit in the Operating Review are based on thi...