logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
NBCUniversal unveiled Peacock, a free premium ad-supported streaming service with subscription tiers offering more than 600 movies and 400 series. Peacock will be available on April 15 for Comcast's Xfinity X1 and Flex customers and on July 15 for the rest of the country. NBC is offering Peacock... The number of Amazon Prime members in the U.S. is growing slowly, but steadily, a recent study has shown. According to the survey by the Consumer Intelligence Research Partners, LLC or CIRP, the number of Amazon Prime members in the U.S. is estimated to have risen to 112 million in December 2019 from just over 100 million in the same period of the prior year. Medical device manufacturer Cardinal Health will soon recall certain Level 3 surgical gowns or PreSource procedural packs that contain these gowns following warning that they may not be sterile, the U.S. Food and Drug Administration said in a statement. The health regulator said it is working with the company to find out the specific product lots that are impacted.
Follow RTT
>