LONDON (dpa-AFX) - Associated British Foods Plc (ASBFY.PK, ABF.L) reported Thursday that its Group revenue from continuing operations for the 40 weeks ended June 22 grew 2 percent. Looking ahead for fiscal 2019, the company continues to expect adjusted earnings per share in line with last year.
In its trading update, the company said its 40-week Group revenue from continuing operations increased 3 percent at constant currency. Excluding sugar, sales growth from continuing businesses was 4 percent on a reported and constant currency basis.
Revenue in Grocery for the third quarter was 1 percent ahead of last year.
Revenue from continuing businesses at AB Sugar in the third quarter was in line with last year. In the Ingredients division, revenue in the third quarter was 5 percent ahead of last year driven by both AB Mauri and ABF Ingredients. Revenue growth continued in the third quarter at AB Agri, driven by higher feed sales.
Further, sales at Primark in the year-to-date were 4 percent ahead of last yea, driven by increased selling space partially offset by a decline in like-for-like sales.
For the full year, the company expects good profit growth in Primark and, on an underlying basis, in Grocery. The company continues to expect that the full year profit decline in Sugar has been reflected in the first half.
In Grocery, operating profit margin for the full year is expected to be ahead with good trading in Twinings Ovaltine, Acetum, AB World Foods, ACH in the US and George Weston Foods.
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