Monday, 24 September, 2018


Primark owner hails "highly successful year"

Primark stock Primark stock
Conrad Doyle | 07 November, 2017, 12:29

At constant currency rates, revenues increased 6 percent.

Revenues have soared by nearly £2bn at Primark owner and food manufacturer Associated British Foods in what the company's chief executive has hailed as a "highly successful year".

Adjusted operating profit-a preferred measure of the company's that strips out exceptional and other one-off items-increased to GBP1.36 billion from GBP1.11 billion, representing a rise of 13% at constant currency.

ABF has proposed a final dividend of 29.65p, bringing the total payout for the year to 41p, an increase of 12 per cent on the previous year.

"This was a highly successful year for the group", said George Weston, chief executive.

He said that capital investment had hit a record during the year, as ABF "continued to pursue the opportunities to grow our businesses into the future".

The group's traditional sugar side also recovered strongly in the year to September 16 as European sugar prices rose.

Looking ahead for the new year, the company said that at this early stage, it expects progress in adjusted operating profit and adjusted earnings per share for the group.

He said: "Changes in legislation and trade agreements provide significant opportunities for the food industry to replace imported food and build export markets and, for United Kingdom agricultural policy particularly, they have the potential to benefit our group".

Pre-tax profits were £1.57bn, up from £1.04bn. However, the "difficult" United Kingdom bread market led to a decline in revenue at Allied Bakeries, which sustained a loss.

Earnings per share went up 47% to 151.6 pence from 103.4 pence a year ago.

The group's Grocery business was boosted by the performance of Twinings and Ovaltine in the USA, as well as by George Weston Foods in Australia, however it was held back by "the trading environment faced by the United Kingdom bakeries", the company said.

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