2018 Interim Results Announcement

17 Apr 2018

Progress in adjusted earnings per share

Financial Highlights

 

Actual

Constant

currency

Group revenue

£7,422m

+2%

+3%

Adjusted operating profit

£648m

-1%

+1%

Adusted profit before tax

£628m

+1%

Adjusted earnings per share

61.3p

+3%

Dividend per share

11.7p

+3%

Gross investment

£672m

Net Cash

£123m

Statutory operating profit down 3% to £618m. Last year included the benefit of a profit on the sale of businesses which explains a 30% reduction in statutory profit before tax to £603m this year and a reduction in basic earnings per share of 24% to 60.9 pence.

George Weston, Chief Executive of Associated British Foods, said:

“The group made progress in this period. Good sales and profit growth was achieved by all of our businesses at constant currency, other than Sugar, where the reduction was as expected. Our full year outlook for the group is unchanged with progress expected in both adjusted operating profit and adjusted earnings per share.”

Adjusted operating profit is stated before the amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, transaction costs and acquired inventory fair value adjustments. 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. Constant currency is derived by translating the 2017 results at 2018 average exchange rates.

References to operating profit in the Operating Review are based on the adjusted measure defined above.

For further information please contact:

Associated British Foods:
Until 15.00 only
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7638 9571

Citigate Dewe Rogerson:
Chris Barrie, Eleni Menikou
Tel: 020 7638 9571

Jonathan Clare
Tel: 07770 321881

After 15.00
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500

2018 Interim Results Annoucement