2016 Interim Results Announcement
George Weston, Chief Executive of Associated British Foods
These results demonstrate underlying progress for all of our businesses in the period despite currency. Good buying and selling space expansion continued at Primark, cost reduction and performance improvements contributed to a better result at Sugar, profits were well ahead at Ingredients, and profit margins improved at Grocery and Agriculture.
Progress in all our businesses despite currency
|Group revenue £6,117m||-2%||+2%|
|Adjusted operating profit £486m*||+3%||+5%|
|Adjusted profit before tax up 4% to £466m**|
|Adjusted earnings per share level at 46.1p**|
|Dividend per share up 3% to 10.3p|
|Net debt reduced to £421m|
|Operating profit up 35% to £477m, profit before tax up 115% to £457m and basic earnings per share up 150% to 45.2p|
* before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets and exceptional items.
** before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses and exceptional items.
All figures stated after amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses, and exceptional items are shown on the face of the condensed consolidated income statement.
References to operating profit in the Operating Review are based on the adjusted measure defined above.
1 Constant currency is derived by translating the 2015 results at 2016 average exchange rates.
For further information please contact:
Associated British Foods:
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500