UK food giant Associated British Foods has reported pre-tax profits of £430m (US$673.1m) for the year ended 14 September, which was above analysts’ forecasts of £407-415m and a 9% rise from the previous year.
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The group, which owns Twinings tea, Silver Spoon sugar and Kingsmill and Allinson breads, has also announced it is on the lookout for further acquisitions.
ABF recently bought the Mazola oil and Ovaltine drinks brands and is likely to spend some of its large cash pile on similar branded consumer goods, reported Reuters.
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