LONDON (dpa-AFX) - Associated British Foods Plc (ASBFY.PK, ABF.L), in its pre-close trading update, on Monday said it expects first-half total sales to grow more than 20 percent on a reported basis and more than 16 percent ahead at constant currency.
Adjusted operating profit at the half year is expected to be broadly in line with the same period last year.
The company said it continued to experience significant cost pressures, and consumer spending was more resilient in the period than anticipated at the start of the financial year.
For the half year, both aggregate sales and aggregate adjusted operating profit are expected to be well ahead of the same period last year, albeit at a lower margin.
Due to better trading, Associated British Foods now expects adjusted operating profit at Ingredients to be significantly ahead of last year. Meanwhile, adjusted operating profit at Grocery would be slightly lower.
Primark traded very well for the half year, with total sales expected to be 4.2 billion pounds, 19 percent ahead of last year on a reported basis, and 16 percent ahead at constant currency. Adjusted operating profit margin for the half year is now expected to be above 8 percent.
Looking ahead for the full year 2023, the company said its outlook has improved, and now expects adjusted operating profit and adjusted earnings per share to be broadly in line with the previous financial year.
The company previously expected full-year adjusted operating profit and adjusted earnings per share to be lower than the previous year.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
