AB Foods Pretax Profit Fell in Fiscal Year 2019
05 Noviembre 2019 - 1:58AM
Noticias Dow Jones
By Adriano Marchese
Associated British Foods PLC (ABF.LN) said Tuesday that pretax
profit fell 8.3% in fiscal 2019, despite strong performance at
Primark and its grocery business.
For the year ending Sept. 14, the U.K. retailer said pretax
profit was 1.17 billion pounds ($1.51 billion), compared with
GBP1.28 billion in fiscal 2018. Adjusted operating profit--the
company's preferred metric which excludes exceptional costs--was
GBP1.42 billion, up 1% from the prior year, the company said.
Revenue for the year rose 1.6% to GBP15.82 billion, it said.
The board declared a final dividend of 34.3 pence a share, which
together with the interim dividend brought the full year payout to
46.35 pence, an increase of 3%, the company said.
Adjusted operating profit at its sugar segment fell 79% at
actual foreign exchange rates to GBP26 million, while its grocery
segment rose to GBP380 million from GBP335 million on the same
metric this time last year.
Meanwhile, retail adjusted operating profit was GBP913 million,
up from GBP834 million in fiscal 2018, with Primark sales up 4.2%
ahead of last year at actual exchange rates.
The company said that AB Sugar will benefit materially from the
increase seen this year in EU sugar prices and from further cost
reduction. AB Foods said that Primark will continue to expand its
selling space next year, especially in France and Spain. It said it
expects cost reductions in both goods and overheads during the
year, but added that the weakness of sterling during this financial
year will result in a margin decline for Primark in the first
half.
"Next year the group is well-positioned for further progress,
with the continued expansion of Primark, a material improvement in
our sugar profit and strong profit growth in grocery," Chief
Executive George Weston said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 05, 2019 02:43 ET (07:43 GMT)
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