Associated British Foods 1st Half 2020 Pretax Profit Fell on Inventory, Other Exceptional Charges
21 Abril 2020 - 1:55AM
Noticias Dow Jones
By Matteo Castia
Associated British Foods PLC reported Tuesday a sharp fall in
pretax profit for the first half of fiscal 2020, slowed by an
inventory-related impairment amid the lockdown and other
exceptional charges, and said that it expects lower results for the
full year than previously anticipated.
The British conglomerate--which houses clothing retailer
Primark--made a pretax profit of 289 million pounds ($360 million)
for the 24 weeks ended Feb. 29, compared with GBP515 million a year
earlier.
Revenue for the period rose 2% year-on-year to GBP7.65 billion,
while adjusted earnings per share--one of the company's preferred
metrics which strips out exceptional and other one off-items--stood
at 61.8 pence, from the 61.1 pence recorded the previous year.
Adjusted pretax profit was GBP636 million. This compares with
GBP627 million the prior year.
The board decided not to declare an interim dividend. The prior
year, it stood at 12.05 pence.
The company said that expectations regarding its sugar, grocery,
ingredients and agriculture businesses remain unchanged for the
second half, and that it will be able "to mitigate half of the
operating costs of the Primark business while the stores remain
closed."
AB Foods reiterated its warning over slashed full-year earnings,
already seen "much lower than envisaged at the start of the
financial year" in a statement earlier this month.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
April 21, 2020 02:40 ET (06:40 GMT)
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