AB Foods: 2009 Interim Results Announcement

London / UK. (abf) Associated British Foods PLC (ABF) – owner of Allied Bakeries (Kingsmill, Burgen …) – announced its interim results for its fiscal year 2009. «This is a reassuring set of results achieved in a difficult economic environment. Strong profit growth was delivered by Sugar and Primark but Grocery was adversely affected by high priced contracts in US corn oil. Good progress was made with the capital investment programme which will be a major contributor to our future growth», said George Weston, Chief Executive of Associated British Foods. Summary:

• Group revenue up 18 percent to 4’374 million GBP.
• Adjusted operating profit level at 297 million GBP – before amortisation of non-operating intangibles, profits less losses on the sale of PP+E and exceptional items.
• Adjusted profit before tax down two percent to 275 million GBP – before amortisation of non-operating intangibles, profits less losses on the sale of PP+E, profits less losses on the sale and closure of businesses and exceptional items.
• Adjusted earnings per share level at 0,252 GBP – before amortisation of non-operating intangibles, profits less losses on the sale of PP+E, profits less losses on the sale and closure of businesses and exceptional items.
• Dividends per share up two percent to 0,069 GBP.
• Net capital investment of 272 million GBP.
• Net debt of 1’143 million GBP.
• Operating profit down seven percent to 260 million GBP, profit before tax down 33 percent to 178 million GBP and basic earnings per share down 31 percent to 0,176 GBP reflecting a charge for the sale and closure of two US businesses.

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