2016 Annual Results Announcement
George Weston, Chief Executive of Associated British Foods
This has been a year of progress for all of our businesses with a substantial expansion in Primark’s selling space, increased margins in all of the food businesses and fundamental structural changes at AB Sugar. The recent decline in the value of sterling presents both benefits and challenges to the group. The diversity of our operations and our broad geographical footprint, combined with a strong balance sheet, equip us well to take advantage of these opportunities as they arise.
Adjusted earnings per share 5% ahead
Financial Headlines Actual Constant currency1
Group revenue £13.4bn +5% +4%
Adjusted operating profit £1,118m* +3% +3%
Adjusted profit before tax up 5% to £1,071m**
Adjusted earnings per share up 5% to 106.2p**
Dividends per share up 5% to 36.75p
Gross investment of £1bn
Net debt £315m
With the benefit of substantially lower losses on sale of businesses and reduced exceptional charges this year, operating profit was up 18% to £1,103m, profit before tax up 47% to £1,042m and basic earnings per share up 55% to 103.4p
* before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets and exceptional items.
** before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, profits less losses on sale and closure of businesses and exceptional items.
All adjustments to profit measures are shown on the face of the consolidated income statement.
1 Constant currency is derived by translating the 2015 results at 2016 average exchange rates.
For further information please contact:
Associated British Foods:
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500
Tel: 020 7638 9571