UK: ABF says investments reaping benefits
By: just-food.com | 20 April 2010
- Restructuring work benefits group, says ABF
- Pre-tax profits up 20%
- Grocery earnings climb 53%
 |
Half-year sales from Jordans rose, said ABF |
Associated British Foods, the UK-based group behind Kingsmill bread and Jordans cereals, said today (20 April) that "strong performances" across the business had boosted half-year profits.
The company booked a 20% rise in underlying pre-tax profits to GBP331m (US$508.4m). Adjusted operating profit up 25% at GBP370m, while turnover climbed 10% to GBP4.8bn.
Chief executive George Weston said: "The investments made in recent years are now delivering very satisfying returns throughout the group."
ABF, which owns British Sugar, said profits from sugar leapt 39% due to a "strong performance" in the UK and recovery in China.
Operating profit from the company's grocery business leapt 53% even as sales rose 4%. ABF said restructuring had boosted earnings from its grocery portfolio.
Click here for the full earnings release from ABF; click here for ABF management's further comments on the progress of the group's grocery business.
Sectors: Canned food, Cereal, Commodities & ingredients, Condiments, dressings & sauces, Dried foods, Financials
Companies: Associated British Foods, Jordans
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