12th Sep 2023 09:11
(Alliance News) - Associated British Foods PLC on Tuesday said in its financial year ending September 16 it performed slightly better than previous expectations.
AB Foods is a London-based fast-fashion retailer, via the Primark store chain, and food manufacturer.
The firm said that in its Food arm it continued to see sales growth, particularly in Grocery and Ingredients and a slightly better-than-expected performance in Sugar.
It expects Retail sales to be around GBP9.00 billion, around 15% ahead of GBP8.00 billion of sales last year, with like-for-like sales growth of 9%. This means its full-year adjusted operating profit is now expected to be "moderately ahead" of GBP1.44 billion in the previous financial year for the group as a whole, and "strongly ahead" for the food division
The Primark owner added that as of Monday, GBP442 million of the GBP500 million share buyback programme announced in November to return cash to investors, has been completed.
Looking ahead, AB Foods said it continues to trade well, managing inflation, recovering cash margin and continuing to drive sales in a challenging macroeconomic environment. It will announce its full results on November 7.
Shares in AB Foods were up 1.7% at 2,034.52 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
AB Foods