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Associated British Foods Continues To Project Progress In FY Adj. Earnings

Associated British Foods plc (ASBFY.PK,ABF.L) Friday said it still expects progress, on both a reported and an IFRS 16 adjusted basis, in adjusted earnings per share for the group for fiscal 2020.

In its trading update ahead of its Annual General Meeting, Chairman Michael McLintock said, "This year, AB Sugar will benefit materially from the increase seen last year in EU sugar prices and from further cost reduction. We expect another year of strong profit and margin growth in Grocery, with Twinings Ovaltine in particular benefiting from a more efficient tea supply chain."

The company noted that Primark will continue to expand its selling space this year, with the most stores being added in France and Spain.

Looking further ahead, Primark has a strong pipeline of good quality sites.

The company expects margin for the full year to be only a small reduction on that achieved last year, on a lease-adjusted basis.

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