Associated British Foods Q3 Trading In Line With View, Backs FY Outlook

Associated British Foods PLC (ASBFY.PK,ABF.L), UK-based multinational food processing and retailing company, in its trading update for the 36 weeks to 28 May 2022, said its Group trading was in line with expectations, and that its outlook for the full year remains unchanged.

For the third quarter, the Group's revenue grew by 32 percent, with 10 percent growth in Food Business sales. The growth reflected price actions to recover input cost inflation and volume increases in Ingredients and trading of all Primark stores during the period.

Sales and adjusted operating profit in the period were in line with its expectations, the Group noted.

Segment wise, Grocery revenue was up 4 percent, AB Sugar revenue grew 7 percent and AB Agri sales rose 10 percent. During the quarter, Ingredients revenues and retail revenues witnessed growth over last year.

Looking ahead to the full year, the company confirmed its outlook, with significant progress expected in adjusted operating profit and adjusted earnings per share for the Group.

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