Associated British Foods plc (ABF.L) in its interim management statement for the 16 weeks to 2 January 2010 said group revenue from continuing businesses for the first 16 weeks was 17% ahead of the same period last year. Sterling weakness, particularly against the euro and the Australian dollar, contributed to this increase and at constant exchange rates revenue was up 11%.
The company also noted that trading results for this period were very encouraging and ahead of its expectations.
There remains some uncertainty over the pace of economic recovery and the outlook for the UK consumer, the company said. However, Associated British Foods expects good revenue growth and a significant increase in operating profit this year. Net financing costs will be higher but the company is confident of good progress in earnings for the full year.
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