businesses of Silver Spoon, Westmill Foods, Jordans Ryvita , AB World Foods Allied Bakeries, Kingsmill Allinsons (bread), Primark , Mazola (corn oil), Twinings (tea) and animal feeds.

Elephant Atta ethnic flour brand from Premier Foods

Associated British Foods boosted as profits soar almost half at Primark

By Neil Craven, Financial Mail On Sunday

PUBLISHED: 22:38, 20 April 2013 | UPDATED: 22:38, 20 April 2013


Primark is on course to become the main driver behind its parent group’s profits after a surge in international sales growth.


On Thursday, Associated British Foods will reveal a 44 per cent leap in profits to £222million at the discount clothing retailer for the first half of its financial year, say analysts. That means it contributes almost half of ABF’s profits and exceeds the contribution of the group’s sugar and grocery divisions, which own the Silver Spoon and Twinings tea brands.


Total profits before central costs are deducted are expected to rise 14 per cent to £468million. Primark accounts for about a third of ABF’s £12.3billion sales, with agriculture, sugar, grocery and ingredients accounting for the rest.



Main driver: Primark accounts for about a third of ABF's £12.3billion sales


Primark has embarked on an international expansion plan and has stores in Ireland, Spain, Portugal, Germany, Holland, Belgium and Austria. It is picking up trade as cash-strapped consumers look for discounts.


The growth comes against the background of a deteriorating market for many other chains'


The Business, Innovation and Skills Select Committee launched an inquiry last month into the state of the retail sector and the effects of the Mary Portas review commissioned two years ago.


The British Independent Retailers Association confirmed it had submitted its views to the committee by last Monday’s deadline. It is understood to have called for a review of the method of calculating business rate rises, which has led to above-inflation increases, and more help for independent shop owners to gain a foothold on the internet.

Tuesday's agenda: AB Foods to benefit from another stunning Primark performance

April 22 2013, 6:30pm
Panmure Gordon predicts a 44% jump in profits at PrimarkPanmure Gordon predicts a 44% jump in profits at Primark


Primark, Primark, Primark. That's all you ever seem to read about when results from Associated British Foods (LON:ABF) are announced.

So it should be no surprise that Panmure Gordon is predicting "a stunning performance by Primark" when the group announces half-year figures on Tuesday.

The broker predicts a 15.9% rise in earnings per share (EPS) to 39.9p, and 16.3% profit before tax growth to £422mln.

"The key driver of growth in H1 is expected to be a 44% jump in profits at Primark and a 31% rise in Grocery (the latter primarily reflecting lower restructuring charges this year). Net debt is expected to fall sharply, from £1592m in March 2012A to c.£1250m in March 2013E," Panmure Gordon said.

Half Yearly Report

RNS


RNS Number : 8983C

Associated British Foods PLC

23 April 2013






For release 23 April 2013



Associated British Foods plc announces its

interim results for the 24 weeks ended 2 March 2013


ABF delivers an excellent set of interim results





Highlights




·

Group revenue up 10% to £6,333m


·

Adjusted operating profit up 20% at £496m *


·

Adjusted profit before tax up 25% to £452m *


·

Adjusted earnings per share up 22% at 41.9p *


·

Dividend per share up 10% to 9.35p


·

Net debt £1,337m after net capital investment of £334m


·

Operating profit up 21% to £459m, profit before tax up 26% at £415m and basic earnings per share up 23% to 38.9p




George Weston, Chief Executive of Associated British Foods, said:



"This is an excellent set of results with adjusted operating profit up 20%, a stronger cash flow and a year-on-year reduction in net debt. We are committed to the long-term development of our businesses through investment. These results have been achieved through a focus on generating good returns from the investments we have made over recent years."






*

before amortisation of non-operating intangibles and profits less losses on the disposal of non-current assets.









All figures stated after amortisation of non-operating intangibles, profits less losses on the disposal of non-current assets, profits less losses on the sale and closure of businesses and exceptional items are shown on the face of the condensed consolidated income statement.

Dividend Declaration

RNS


RNS Number : 9736C

Associated British Foods PLC

23 April 2013






23 April 2013



Associated British Foods plc



Interim dividend for the year ending 14 September 2013





Further to the announcement released earlier today by Associated British Foods plc (the 'Company') of its interim results for the 24 weeks ended 2 March 2013, the Company confirms that a net interim dividend of 9.35 pence per share will be paid on 5 July 2013 to shareholders on the Company's register of members at the close of business on 7 June 2013.

The Company operates a dividend reinvestment plan ('DRIP'). The final date for receipt or withdrawal of elections under the DRIP will be 14 June 2013

LONDON (SHARECAST) - Associated British Foods: Panmure Gordon ups target price from 1750p to 1800p keeping a hold recommendation

In on 7th July 2012 @ 1290 (400 shares) just sold for 1941

Interim Management Statement

Highlights

· Group revenue year to date up 9%
· AB Sugar sales and profit remain on track for the full year
· Primark year to date sales 22% ahead
· No change in expectation of good progress in full year adjusted earnings per share

Ex-div wed 4th Dec (22.65p)

OVER 23 AGAIN

24,25,26,27,28 good run.

Associated British Foods was leading the gains on London's benchmark index after positive comments from analysts. 29

NICE

Nice chart Baylis.

25 Feb 14 Jefferies International Hold 2,965.50 2,450.00 2,600.00 Retains

Associated British Foods plc issues the following update prior to entering the close period for its interim results to 1 March 2014 which are scheduled to be announced on 23 April 2014.
Adjusted operating profit for the first half is expected to be in line with last year. A much lower profit from Sugar will be offset by another excellent performance from Primark and encouraging results from Grocery and Ingredients. Net financing costs in the first half will benefit from the repayment, last July, of British Sugar's 10¾% debenture, a strong cash flow, and lower net debt throughout the period. Together with a further reduction in the underlying tax rate at the half year, adjusted earnings for the first half will be firmly ahead of last year.
Sterling is continuing to strengthen against our major trading currencies and this will have a more significant negative effect on the translation of overseas results into sterling in the second half. Nevertheless, with a better than expected trading performance from the non-sugar businesses and lower financing costs, we continue to expect adjusted earnings per share for the financial year to be similar to 2013.

Well done BAYLIS. :-))

Interim management statement

Headlines

· Primark third quarter sales 22% ahead at constant currency

· Continued profit progress at Ingredients

· EU sugar prices have continued to fall

· Full year adjusted earnings per share now expected to be ahead of last year

Pre Close Period Trading Update

ABF annual results for 52 weeks ended 13 Sept 2014

Financial Highlights

Actual Constant currency1

· Group revenue £12.9bn -3% +1%

· Adjusted operating profit £1,163m* -1% +2%

· Adjusted profit before tax up 2% to £1,105m**

· Adjusted earnings per share up 6% to 104.1p**

· Dividends per share up 6% to 34.0p

· Net capital investment of £691m

· Net debt reduced to £446m

· Operating profit down 1% to £1,080m, profit before tax up 18% to £1,020m and basic earnings per share up 30% to 96.5p

Nomura repeats neutral call on Associated British Foods, target raised to 2,850p from 2,760p.

Exane BNP Paribas remains outperform on Associated British Foods, target cut to 3,200p from 3,500p.