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ABF Interim Results for the 24 weeks ended 3 March 2007
Highlights
- Adjusted operating profit up 7% to £272m*
- Group revenue up 12% to £3,220m
- Adjusted profit before tax up 5% to £268m **
- Adjusted earnings per share level at 23.3p **
- Interim dividend per share up 4% to 6.5p
- Net investment in capital and acquisitions over the last year of £720m
- Net debt of £350m
- Basic earnings per share down 9% to 19.2p and profit before tax down 15% to £198m, reflecting increases in the charges for the amortisation of intangibles and the net loss on the sale of businesses and fixed assets
George Weston, Chief Executive of Associated British Foods, said:
“This is a good set of results. The satisfactory growth in revenue and operating profit in the first half reflects the substantial investment made by the group in capital and acquisitions last year. The advances made by Primark and sugar are the beginning of the benefits we expect from this investment and represent a significant development for these businesses.”
* before amortisation of intangibles and profits less losses on the sale of property, plant & equipment
**before amortisation of intangibles, profits less losses on the sale of property, plant & equipment and losses on the sale of businesses
All figures stated after amortisation of intangibles, profits or losses on the sale of businesses and property, plant & equipment are shown on the face of the consolidated income statement.
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