ABF sees positive outlook for grocery
Annual profits from Associated British Foods grocery arm fell 23% but the Kingsmill and Tip Top firm believes that part of the company will rebound next year.
Associated British Foods finance director John Bason has struck an upbeat tone on the company's prospects in the next 12 months in the UK and Australia, two markets central to the drop in annual profits from its grocery business.
Associated British Foods, the UK-based food and retail group, reported higher annual sales and profits today (6 November) after strong performances from its sugar and discount clothing businesses. However, earnings from its grocery division fell 23%. The view from the City on ABF's grocery unit was mixed.
Annual profits from Associated British Foods' grocery business, which includes Kingsmill bread and Jordans cereal, fell 23%, the UK-based group said today (6 November).
The headlines on the mainstream business pages may have talked about a "sales surge" at Primark and sugar profits may be especially sweet but Associated British Foods' grocery operations have proven a mixed bag in the last 12 months.
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