AB Foods 1st Half 2019 Pretax Profit Fell 15%
April 24 2019 - 3:08AM
Dow Jones News
By Adriano Marchese
Associated British Foods PLC (ABF.LN) on Wednesday said that
pretax profit fell 15% in the first half of fiscal 2019 due to
higher costs.
The Primark-owner said pretax profit was 515 million pounds
($667.8 million) in the six months ended March 2 compared with
GBP603 million this time last year.
Adjusted earnings per share--the company's preferred metric
which strips out exceptional and other one off-items--was 61.1
pence, which it said would be broadly in line with the 61.3 pence
of the same period last year.
Revenue for the half-year was up 1.5% to GBP7.53 billion. This
compares with an estimate of GBP7.58 billion, taken from FactSet
and based on three analysts' forecasts.
The board has declared an interim dividend of 12.05 pence a
share, up from 11.7 pence last year.
The company said its Primark sales rose 4.4% compared with a
year earlier, and that it expects full-year outlook for Primark
profit to remain unchanged.
AB Foods said its sugar segment was significantly reduced, but
that it expects profitability to improve from this period.
It said its full-year outlook for the group is unchanged, and
expects adjusted earnings per share to be in line with last year's
134.9 pence.
Write to Adriano Marchese at adriano.marchese@dowjones.com
(END) Dow Jones Newswires
April 24, 2019 02:53 ET (06:53 GMT)
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