Business
Interim Management Statement
Interim Management Statement.
About this update from Associated British Foods Plc
[{"type":"text","content":"\n \nRNS Number : 9023L Associated British Foods PLC 10 July 2014 \n \n\n10 July 2014\nAssociated British Foods plc\nInterim management statement\n \nAssociated British Foods plc today issues its third quarter management statement, in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency rules. The figures stated below relate to the 40 weeks ended 21 June 2014.\n \nHeadlines\n\n\n\n\n· \n\n\nPrimark third quarter sales 22% ahead at constant currency\n\n\n\n\n· \n\n\nContinued profit progress at Ingredients\n\n\n\n\n· \n\n\nEU sugar prices have continued to fall \n\n\n\n\n· \n\n\nFull year adjusted earnings per share now expected to be ahead of last year\n\n\n\n\n \nRevenue summary\nGroup revenue from continuing operations for the 40 weeks to 21 June 2014 was 2% below the same period last year but 2% ahead at constant currency. \n \nYear-on-year change in revenues:\n \n\n\n\n\n\n\n\n16 weeks to 21 June 2014\n\n\n40 weeks to 21 June 2014\n\n\n\n\n\n\n\nActual rates\n \n\n\nConstant rates\n\n\nActual rates\n\n\nConstant rates\n\n\n\n\nSugar\n\n\n-26%\n\n\n-20%\n\n\n-23%\n\n\n-19%\n\n\n\n\nAgriculture\n\n\n-11%\n\n\n-10%\n\n\n-6%\n\n\n-5%\n\n\n\n\nGrocery\n\n\n-12%\n\n\n-5%\n\n\n-7%\n\n\nlevel\n\n\n\n\nIngredients\n\n\n-5%\n\n\n+9%\n\n\n-4%\n\n\n+6%\n\n\n\n\nRetail\n\n\n+19%\n\n\n+22%\n\n\n+16%\n\n\n+17%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal group \n\n\n-3%\n\n\n+3%\n\n\n-2%\n\n\n+2%\n\n\n\n\n \nExchange rates\nSterling was stronger than most of our major currencies in the first half of this financial year but the strengthening was markedly towards the end of that period. That strength has continued throughout the third quarter with the euro also now weaker than last year. This has had a negative impact on the translation of sales and profits from overseas businesses, particularly in Grocery and Ingredients. In determining the adjusted earnings per share outlook for the full year, the likely negative impact arising from currency translation, if current exchange rates prevail, will be some £50m compared with last year's result.\...