Coronavirus Update

Associated British Foods Plc - Latest Interim Results Announcement

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Associated British Foods plc

Interim Results Announcement

24 weeks ended 27 February 2021

For release 20 April 2021

ASSOCIATED BRITISH FOODS PLC RESULTS FOR THE 24 WEEKS ENDED 27 FEBRUARY 2021

Exceptional delivery in food; retail strong when stores open

Financial headlines

 

 

Actual

Constant currency

· Group revenue

£6,313m

-17%

-18%

· Adjusted operating profit

£369m

-46%

-46%

· Adjusted profit before tax

£319m

-50%

 

· Adjusted earnings per share

25.1p

-59%

 

· Dividend per share

6.2p

 

 

· Gross investment

£382m

 

 

· Net cash (before lease liabilities)

£705m

 

 

· Net debt (including lease liabilities)

£2,715m

 

 

· Statutory operating profit

£320m

-8%

 

· Statutory profit before tax

£275m

-8%

 

· Basic earnings per share

20.5p

-25%

 

 

Statutory operating profit is stated after exceptional charges and other items shown on the face of the condensed consolidated income statement. Exceptional charges of £25m this year compare to £309m in the last financial half year.

George Weston, Chief Executive of Associated British Foods, said:

"I am proud of how our people have responded to the many challenges presented by COVID-19. Our food businesses delivered an exceptional increase in adjusted operating profit of 30% and we have provided safe and nutritious food under the most demanding of conditions.

With most of the Primark stores closed for more than half the period, the management team demonstrated operational agility in response to the measures employed by governments to tackle the pandemic. Primark sales after store reopenings demonstrate the relevance and appeal of our value-for-money offering. We are excited about welcoming customers back into our stores as the lockdowns ease and are delighted with record sales in England and Wales in the week after reopening on 12 April. With our success in a number of new markets, as wide-ranging as Poland and Florida, we are as convinced as we have ever been in the long-term growth prospects for Primark.

Looking ahead, with stores reopening and Primark once again becoming cash generative, our confidence is reflected in our decisions to repay the job retention scheme monies in respect of this financial year and to declare an interim dividend."