Chairman's Address to AGM

RNS Number : 8060Y

Associated British Foods PLC

08 December 2017

 

Chairman's Address to AGM

8 December 2017

At this early stage in our new financial year, I would reiterate the outlook that we included in my statement in the annual report.

Primark's selling space expansion will continue and indeed we have already opened five new stores in addition to two relocations in this financial year to bring our total selling space to 14.2 million sq ft. With Primark margins in line with that of our last financial year, we expect an increase in Retail profit.

Progress is expected from Grocery, Agriculture and Ingredients. In Sugar, higher volumes and lower costs will only partially mitigate the effect of much lower EU prices.

At current exchange rates we expect no material transactional or translational effect on profit.

Taking all of these factors into account, at this early stage, we expect progress in adjusted operating profit and adjusted earnings per share for the group for this financial year.

For further information please contact:
Associated British Foods:
John Bason, Finance Director Flic Howard-Allen, Head of External Affairs
Tel: [phone]
Citigate Dewe Rogerson: Chris Barrie, Eleni Menikou
Tel: [phone] Jonathan Clare Tel: [phone]

 

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