Associated British Foods H1 Profit Climbs; On Track For Significant FY24 Profit Growth Ahead Of View

(RTTNews) - Associated British Foods PLC (ASBFY.PK, ABF.L) reported Tuesday that its first-half profit before taxation climbed 37 percent to 881 million pounds from last year's 644 million pounds.

Basic earnings per share grew 30 percent to 87.4 pence from last year's 67.0 pence.

Adjusted profit before tax was 911 million pounds, compared to 667 million pounds a year ago. Adjusted earnings per share were 90.4 pence, compared to 62.0 pence in the prior year.

Group revenue grew 2 percent to 9.73 billion pounds from last year's 9.56 billion pounds. Revenues grew 5 percent on a constant currency basis.

Further, the Board has declared an interim dividend of 20.7p a share, an increase of 46 percent on same period last year reflecting the growth in earnings. The dividend will be paid on July 5 to shareholders registered at the close of business on May 31.

Looking ahead, the company said it is on track to deliver significant growth in both profitability and cash generation ahead of expectations at the start of this financial year.

Grocery would continue to perform well. In Sugar, a substantial improvement in profitability is still expected.

The company expects Primark to continue to perform well in the second half driven by store expansion programme and the modest levels of like-for-like growth.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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