Associated British Foods, the Kingsmill-to-Ryvita maker, this morning (21 April) booked a 7% fall in half-year profits on the back of costs linked to the sale and closure of two US units.

The UK-based firm posted operating profit of GBP260m (US$378.3m) for the six months to 28 February. Pre-tax profits were down 33% at GBP178m, while earnings per share tumbled 31% to 17.6p.

However, revenue rose 18% to GBP4.37bn and chief executive George Weston said ABF had filed a “reassuring set of results achieved in a difficult economic environment”.

“Strong profit growth was delivered by sugar and [discount clothing retail arm] Primark but grocery was adversely affected by high priced contracts in US corn oil,” Weston said.

Nevertheless, despite the fall in half-year profits, shares in ABF were up 7.49% at 703p at 09:35 BST this morning.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.