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Associated British Foods 24-week Profit Down; Declares Dividend; Sees Softer Performance In H2

Associated British Foods plc (ASBFY.PK,ABF.L) reported Tuesday that 24-week profit before tax declined 8 percent to 275 million pounds from 298 million pounds last year.

Earnings per share fell 25 percent to 20.5 pence from 27.5 pence a year ago.

Adjusted profit before tax was 319 million pounds, compared to 636 million pounds last year. Adjusted earnings per share were 25.1 pence.

Adjusted operating profit declined 46 percent to 369 million pounds as a result of the contribution lost at Primark. However, food businesses delivered an increase in adjusted operating profit of 30 percent.

Group revenue declined 17 percent to 6.31 billion pounds from 7.65 billion pounds a year ago, due to driven by the loss of Retail sales as a consequence of the trading restrictions placed on Primark.

Further, the Board has declared an interim dividend of 6.2 pence per share. This will be paid on July 9 to shareholders registered at the close of business on June 4.

In due course, the Board will consider whether to pay a final dividend determined by the trading of the group in the second half and the outlook at that time.

Looking ahead, the company expects a softer performance in the second half. Full-year profit at AB Sugar will be ahead of last year and in line with expectation.

The company said it continues to expect the profit for Primark to be somewhat lower than last year. The repayment of the job retention scheme monies will be treated as an expense in adjusted operating profit in the full year.

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