Associated British Foods PLC (OTCPK:ASBFF)
$ 28.35 0 (0%) Market Cap: 21.09 Bil Enterprise Value: 23.41 Bil PE Ratio: 11.55 PB Ratio: 1.48 GF Score: 89/100
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Half Year 2019 Associated British Foods PLC Earnings Call Transcript

Apr 24, 2019 / 08:00AM GMT
Release Date Price: $32.78 (+2.57%)
George Garfield Weston
Associated British Foods plc - CEO & Executive Director

Well, thank you all for coming to this review of our interim results for 24 weeks ended the 19th of March. I know there's a number of you who came with the opening of Birmingham and thank you for coming on that trip, too.

So the financial highlights are these, group revenue at GBP 7.5 billion, adjusted operating profit GBP 639 million, with adjusted profit before tax at GBP 627 million, the adjusted earnings per share 61.1p, the interim dividend goes up 3% in line with our progressive dividend policy to 12.05p, gross investment through the period was GBP 433 million, but we ended up the half after 6 months of good cash generation with GBP 386 million net cash on the balance sheet.

The business highlights then are these profits very much in line with expectations overall, but Primark profit up 25% driven by margin improvement and good sales growth in the U.K., in Spain, in France, in Italy and the U.S.A.

In our Sugar business, AB Sugar, we've seen the consequences of low contracted sugar prices.

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