Business
Pre Close Period Trading update
Pre Close Period Trading update.
About this update from Associated British Foods Plc
[{"type":"text","content":"\n \n \n 8 September 2022\n \n \n Pre Close Period Trading update\n \n \n \n \n \n Associated British Foods plc issues the following update prior to entering the close period for its full year results for the 52 weeks to 17 September 2022, which are scheduled to be announced on 8 November 2022.\n \n \n \n \n \n Headlines\n \n \n \n \n \n \n ●\n \n \n \n \n Group outlook for this financial year unchanged: significant increase in adjusted operating profit and adjusted earnings per share\n \n \n \n \n \n \n ●\n \n \n \n \n Food\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Sales growth over last year increased in fourth quarter demonstrating price actions\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Adjusted operating profit outlook for Grocery, Sugar and Agriculture in line with expectations\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Improved trading at ABF Ingredients now expected to deliver higher operating profit\n \n \n \n \n \n \n ●\n \n \n \n \n Primark\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Total sales expected to be some £7.7bn, 40% ahead of reported sales last year at constant currency\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n UK like-for-like1 sales improved in the fourth quarter to achieve close to pre-COVID levels\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Continental Europe like-for-like1 sales weaker than expected in the fourth quarter\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Expected full year operating profit margin of 9.6% with second half operating profit margin of 8.0%\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Click and Collect trial on track for UK regional launch in run-up to Christmas\n \n \n \n \n \n \n ●\n \n \n \n \n Net cash before lease liabilities expected to be £1.5bn and net debt including lease liabilities of £1.7bn\n \n \n \n \n \n \n ●\n \n \n \n \n Board will consider in November whether the Group has surplus cash and capital available for return to shareholders\n \n \n \n \n \n \n \n \n \n Outlook for next financial year\n \n \n \n \n \n \n ●\n \n \n \n \n Food\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Profit expected to be ahead of this year with further significant input cost inflation and pricing action\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n ...