Associated British Foods PLC Chairman's Address to AGM (4579R)
09 Diciembre 2016 - 5:04AM
UK Regulatory
TIDMABF
RNS Number : 4579R
Associated British Foods PLC
09 December 2016
Chairman's Address to AGM
9 December 2016
At this early stage in our new financial year, I would reiterate
the outlook that we included in my statement in the annual
report.
The good underlying trading achieved by our businesses last year
has continued into the new financial year which has started well.
We expect the expansion of Primark's selling space to continue in
all of its major markets and, indeed, we have already opened 14 new
stores, including three relocations, in this financial year. AB
Sugar will benefit substantially from this year's increase in sugar
prices and from reductions in its cost base. Grocery, Ingredients
and Agriculture are expected to make further progress.
Assuming a continuation of current exchange rates, and following
the significant devaluation of sterling, we expect group earnings
to benefit from the translation of overseas profits. However, as
Primark buys much of its merchandise in US dollars and half of its
sales are in the UK in sterling, there will be an adverse effect,
in the year, on its UK margins.
Taking all of these factors into account, we expect progress in
adjusted operating profit and adjusted earnings for the group for
this financial year.
For further information
please contact:
Associated British Foods:
John Bason, Finance Director
Flic Howard-Allen, Head
of External Affairs
Tel: 020 7638 9571
Citigate Dewe Rogerson:
Chris Barrie, Eleni Menikou
Tel: 020 7638 9571
Jonathan Clare
Tel: 07770 321881
This information is provided by RNS
The company news service from the London Stock Exchange
END
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