Associated British Foods Plc (ABF.L) Announced, in an update prior to entering the close period for its full year results for the 52 weeks to 12 September 2020, that trading in the fourth quarter in both its food businesses and Primark exceeded its expectations. Moreover, grocery benefited from a continuation of increased retail sales volumes in its key markets of the US, Europe and Australia. The group expectation is that the year- end net cash balance, before lease liabilities, will now be some £1.3 billion. #ABF
Grocery benefited from a continuation of increased retail sales volumes in our key markets of the US, Europe and Australia. Increased demand for yeast and bakery ingredients, particularly across the Americas and China, delivered higher sales for Ingredients. In the latest four-week UK market data for sales in all channels Primark achieved our highest ever...
RNS Number: 8037 V Associated British Foods PLC 11 August 2020. In accordance with Listing Rule 9.6. 14, Associated British Foods plc reports that Graham Allan, an independent non-executive director of the Company, is to be appointed as an independent non-executive director of InterContinental Hotels Group PLC with effect from 1 September 2020..
Associated British Foods Plc (ABF.L) Announced, in its trading update, that group revenue from continuing businesses for the 40 weeks ended 20 June 2020 was 13% lower than the same period last year at constant currency and 14% lower at actual exchange rates. Operating profit for each of Grocery, Agriculture and Ingredients in the quarter were well ahead of last year and ahead of our expectation. As expected, Sugar delivered a material improvement in profit in the quarter driven by its European businesses. The net cash outflow for Primark for the 12-week period from 1 March to 23 May, when trading across the estate was either non-existent or minimal, was some £800 million. The full year effective tax rate for the group is expected to be in the region of 30%, higher than the 22.6% reported for the half year due to much lower taxable profits in the UK and Ireland this year. For the full year it continues to expect strong progress in the aggregate adjusted operating profit of our Sugar, Grocery, Agriculture and Ingredients businesses. This will be mainly driven by a material increase in profit at AB Sugar and another year of good margin and profit growth in Grocery. #ABF
RNS Number: 7770 R Associated British Foods PLC 02 July 2020 2 July 2020. Associated British Foods plc today issues a trading update for the 40 weeks to 20 June 2020 which summarises the significant trading developments since the interim results announcement on 21 April and further updates on developments since our statement issued on 1 June, COVID-19 Update,...
RNS Number: 5009 O Associated British Foods PLC 01 June 2020 1 June 2020. As previously advised, this resulted in a loss of sales of approximately £650 m for every month that all stores were closed.. The most significant contributor to the reduction in overheads has been access to government employment retention schemes across Europe, assisted by a temporary...
RNS Number: 9761 K Associated British Foods PLC 27 April 2020 27 April 2020. Publication of Articles of Association on the National Storage Mechanism. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Associated British Foods Plc #ABF announced, in its interim results 24 weeks ended 29 February 2020, that revenues rose to £7,646 million from £7,532 million recorded in the same period last year. Profit after tax narrowed to £221 million from £397 million. The diluted earnings per share stood at 27.5p down from 49.2p.
RNS Number: 2665 K Associated British Foods PLC 21 April 2020 For release 21 April 2020. Two of our employees, Mario Marioli who worked for forty years in our Italian yeast plant, and Claudio Maini who worked at Acetum for twenty years, have lost their lives to COVID-19 in the last three weeks, and we have another employee currently in intensive care in the USA.
RNS Number: 9544 J Associated British Foods PLC 17 April 2020 17 April 2020. Associated British Foods plc has received confirmation that it is eligible to access funding under the Covid Corporate Financing Facility.. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Associated British Foods Plc #ABF announced that George Weston, Chief Executive, and John Bason, Finance Director, have requested that their base pay be reduced temporarily by 50%, and that the board of directors has accepted this proposal. Furthermore, bonuses relating to the current financial year will not be paid to the executive directors. Paul Marchant, chief executive of Primark, has also requested that his base pay be reduced temporarily by 50%. Additionally, the non-executive directors of the ABF board, including the chairman Michael McLintock, have decided that their fees should be reduced temporarily by 25%.
RNS Number: 6612 I Associated British Foods PLC 03 April 2020 3 April 2020. Covid-19 Update- Remuneration of the Group Executive Directors. The Group has a strong balance sheet and, at close of business last night, has some £1.7 bn of cash..
Associated British Foods Plc #ABF announced that Primark stores representing 20% of selling space and 30% of sales were closed as at 16 March 2020. Since then and following the closure on Sunday of all stores in the UK which represented 41% of sales, all 376 stores in 12 countries are now closed until further notice. This represents a loss of some £650 million of net sales per month.
RNS Number: 1661 H Associated British Foods PLC 23 March 2020 23 March 2020. Since then, and following the closure on Sunday of all stores in the UK which represented 41 percent of sales, all 376 stores in 12 countries are now closed until further notice. This represents a loss of some £650 m of net sales per month..
Associated British Foods Plc #ABF Announced, in its first half trading and COVID-19 update, that adjusted operating profit will be ahead of our previous expectations, mainly due to higher margins for Primark and Grocery. As a result, adjusted earnings per share for the first half will now be ahead of last year on both a lease-adjusted and a reported basis. Each of the businesses is closely monitoring the current and potential effects of the outbreak on their operations. The situation in China has improved, with most factories supplying Primark having re-opened. As a result, supply shortages from that country are now expected to be minimal. However, with developments over the last week in Italy and, more materially, over the weekend in France, Spain and Austria, stores accounting for 20% of Primark's selling space are now closed until the respective governments permit them to re-open.
RNS Number: 1892 G Associated British Foods PLC 16 March 2020 16 March 2020. In our February trading statement we described the risk to supply of goods from our suppliers in China. Since then, the situation in China has improved, with most factories supplying Primark having re-opened.
RNS Number: 5619 E Associated British Foods PLC 28 February 2020 28 FEBRUARY 2020. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Associated British Foods Plc #ABF announced, in its pre-close period trading update, that for the half year, the company expects sales growth and adjusted operating profit to be ahead of last year on both a lease-adjusted and reported basis. On a lease-adjusted basis, the company expects adjusted EPS to be ahead of last year, with lower net financial expenses offsetting an increase in the effective tax rate. On a reported basis, the dilutive effect of the adoption of IFRS 16 on earnings will result in a small reduction in adjusted EPS in the first half. Cash outflow and capital expenditure in the first half will be in line with the corresponding period last year.
RNS Number: 8113 D Associated British Foods PLC 24 February 2020 24 February 2020. Pre Close Period Trading Update. The average exchange rate for sterling against our major trading currencies, other than the US dollar, was stronger in the first half than in the comparable period last financial year and, consequently, there will be a loss on translation in the first...
Associated British Foods is the Weston family's UK arm. The Westons still own over 50% and through their careful husbandry it now owns a raft of the UK's best-known brand names including Twinings tea, Ovaltine, Primark and British Sugar.