4th Dec 2015 11:12
LONDON (Alliance News) - Associated British Foods PLC on Friday affirmed its guidance for its 2016 financial year, expecting adjusted operating profit to decline modestly due to ongoing currency concerns.
The FTSE 100-listed group, which owns discount fashion retailer Primark, as well as British Sugar, along with agriculture and consumer goods businesses, said the good underlying trading for its business seen in its last financial year, to September 12, has continued and its current financial year has started well.
Charles Sinclair, AB Foods' chairman, said in a statement to the company's annual general meeting that it will continue investing in the expansion of its business and expects more stability in its sugar division profit ahead of the EU quota removal in 2017.
Sinclair added exchange rates have shown little change since the turn of its financial year and its view on the likely translational impact for Primark and its European sugar business is unchanged.
"We therefore continue to expect currency pressures to lead to a modest decline in adjusted operating profit and adjusted earnings for the group for the full year," Sinclair said.
Shares in AB Foods were down 0.5% to 3,460.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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