ABF: Yeast and bakery ingredients traded well

London / UK. (abf) Food, ingredients and retail group Associated British Foods PLC (ABF) said in an Interim Management Statement that revenue from continuing businesses for the first 16 weeks was 17 percent ahead of the same period last year. «Sterling weakness, particularly against the Euro and the Australian Dollar, contributed to this increase», ABF said. Sales at the company´s sugar operations rose 68 percent in the period, while sales from its Primark clothing stores rose 19 percent. «Trading results for this period were very encouraging and ahead of our expectations», ABF said. «Net financing costs will be higher but we are confident of good progress in earnings for the full year». Ingredients revenues were eleven percent ahead and at constant currency were five percent higher. The yeast and bakery ingredients business traded well with a particularly strong sales performance from the Americas. Profitability in ABF Ingredients benefited from better lactose prices in the speciality proteins business and from lower overhead costs.
Info: Interim Management Statement for the 16 weeks to 02 January 2010.