Associated British Foods today (15 January) reported strong first-quarter sales with sugar and grocery revenues boosted by the low value of the sterling.
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The UK-based food and retail group said sales for the 16-week period to 3 January rose 21%, or 15% on a constant currency basis, in line with expectations.
Sugar revenues were 20% ahead of last year, driven by strong performances from British Sugar in the UK and Illovo.
Grocery sales were up 21% thanks to a favourable translation of ABF’s US and Australian businesses, higher prices and the acquisition of the Jordans cereals business.
The group’s Allied Bakeries subsidiary, which includes Kingsmill, had “continued to trade well, with an improvement in profit” although it did not provide details of sales.
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By GlobalData“As previously highlighted, the group will not be immune from the worsening economic climate and particularly the pressure on consumer spending,” the company said in a statement. “We have budgeted for little change in net earnings for the full year and still anticipate results in line with that expectation.”
