Associated British Foods PLC Chairman's Address to AGM (9748Y)
December 05 2014 - 6:06AM
UK Regulatory
TIDMABF
RNS Number : 9748Y
Associated British Foods PLC
05 December 2014
Chairman's Address to AGM
5 December 2014
At the Annual General Meeting today (5 December 2014) Mr Charles
Sinclair, Chairman of Associated British Foods, in addressing
shareholders made the following comments on current trading for the
group since the close of the financial year ended 13 September
2014.
"Operating profit for the group in the first two months of the
new financial year was broadly in line with expectations.
Sales at Primark were more than 10% ahead of last year driven by
the selling space expansion both last year and so far this year.
Like-for-like sales are currently below expectation as a result of
the unseasonably warm weather but, having budgeted this year for a
higher level of mark-downs, at this early stage in the year
Primark's profit estimate for the full year is unchanged.
Primark's expansion will continue and Grocery, Ingredients and
Agriculture are expected to make further progress on the back of
their very positive performance last year. As I said in the
conclusion to my statement in the annual report, with the
continuing fall in EU sugar prices and volatility in the world
sugar price, we expect a further large reduction in profit from AB
Sugar, but this will put much of the effect of the structural
changes in EU prices behind us.
We continue to expect a marginal decline in adjusted operating
profit for the group but the impact on earnings should be mitigated
by much lower tax and interest charges. We therefore continue to
see limited opportunity to grow adjusted earnings per share in this
financial year. With the strength of the group's balance sheet and
strong cash generation, we have every reason to be confident of
further progress for the group thereafter."
For further information please contact:
Associated British Foods:
John Bason, Finance Director
Flic Howard-Allen, Head of External
Affairs
Tel: 020 7638 9571
Citigate Dewe Rogerson:
Chris Barrie, Angharad Couch, Eleni Menikou
Tel: 020 7638 9571
Jonathan Clare
Tel: 07770 321881
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMLLFFIFFLEIIS
Associated British Foods (LSE:ABF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Associated British Foods (LSE:ABF)
Historical Stock Chart
From Sep 2023 to Sep 2024