2017 Interim Results Announcement

19 Apr 2017
George Weston, Chief Executive of Associated British Foods

The underlying growth of the group at constant currency was strong in the first half. Primark delivered a substantial increase in selling space which, together with its strong consumer offering, contributed to a further increase in our share of the total clothing market. Furthermore, we achieved a more acceptable rate of return in Sugar and further good progress was made by our Ingredients and Grocery businesses.

Associated British Foods plc announces its interim results for the 24 weeks ended 4 March 2017

Financial Highlights

Group revenue £7,296m +19% +7%
Adjusted operating profit £652m +36% +23%
Adjusted profit before tax £624m +35%  
Adjusted earnings per share 59.7p +30%  
Dividend per share 11.35p +10%  
Gross capital investment £416m    
Net cash £190m    

Statutory operating profit up 36% to £640m and, with the benefit of a profit on the sale of businesses, profit before tax up 92% to £867m and basic earnings per share up 79% to 80.5p

Adjusted operating profit is stated before the amortisation of non-operating intangibles, profits less losses on disposal of non-current assets and transaction costs. These items, together with profits less losses on the sale and closure of businesses, are excluded from adjusted profit before tax and adjusted earnings per share. Constant currency is derived by translating the 2016 results at 2017 average exchange rates.

References to operating profit in the Operating Review are based on the adjusted measure defined above.

For further information please contact:

Associated British Foods:
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500