Associated British Foods, manufacturer of brands such as Silver Spoon sugar and Twinings tea and operator of the Primark discount clothes store chain, has reported a 6% increase in profit before tax to £192m (US$275.8m), before exceptional items, for the 24 weeks ended 2 March 2002.
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Other half year highlights announced earlier today [Wednesday] included a 13% increase in operating profit to £179m and adjusted earnings per share up 10% to 17p.
Group sales were up 2%, and by ongoing businesses up 5%, to £2,092m. Investment income was down from £33m to £23m
CEO Peter Jackson commented: “These results demonstrate strong growth across four of our five business categories. This has been achieved through focus on effective planning and good implementation of the strategies laid down which are producing tangible benefits to shareholders.
Jackson added however that at the fifth business category, George Weston Foods in Australia, profit growth remained unacceptable.
“We remain committed to the generation of strong cash flow and sustainable growth and will continue to develop our group businesses to achieve these goals,” he added.
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By GlobalDataNet cash funds were up £102m year on year, to £902m, and the group has intensified its search for acquisitions in the food sector.
Jackson told Reuters that there are currently plenty of opportunities around in terms of potential acquisition targets.
The company announced that the interim dividend would be maintained at 4.25p per share.
