Worldwide

Associated British Foods FY17 Profit Climbs, Lifts Dividend; Sees Growth In FY18

Associated British Foods FY17 Profit Climbs, Lifts Dividend; Sees Growth In FY18”

Associated British Foods (LON:ABF) lifted its total full year dividend by 12% as profit and revenue grew on the back of an improvement in its sugar business and another strong performance at its Primark stores.

The company that owns Primark reported a more than 20 per cent surge in profit for its most recent financial year, largely thanks to strong earnings at the low-priced fashion chain.

Primark sales were up 19 per cent year-on-year, rising from £5.95bn to £7.05bn, and the firm said the retailer performed "particularly well in the United Kingdom where sales were 10 per cent ahead of last year on a comparable basis and our share of the total clothing market increased significantly".

Earnings per share went up 47% to 151.6 pence from 103.4 pence past year. At constant currency rates, revenues increased 6 percent.

"These results reflect our worldwide diversity, and the strong underlying performance of our businesses was driven by management actions throughout the year", said chief executive George Western.

Group adjusted operating profit was 1.36 billion pounds, up 22 percent, with Primark contributing 735 million pounds, up 7 percent, and sugar 223 million pounds, a more than five fold increase.

"These results reflect our global diversity, and the strong underlying performance of our businesses was driven by management actions throughout the year", he added.

The group - which also owns Twinings tea and Kingsmill bread - has taken a hit to margins from increased buying costs caused by the pound's fall since the Brexit vote and said this will continue into the first half of the current financial year. Progress is expected from Grocery, Agriculture and Ingredients.

AB Foods forecast overall earnings progress in its 2017-18 year, though it cautioned that in the sugar business higher volumes and lower costs will only partially mitigate the effect of much lower European Union prices.

The company also announced that Tim Clarke will retire as a director with effect from 30 November 2017, after 13 years on the board.



Like this

loading...
loading...

Latest


12 April 2018
New Jersey Looking Towards Sports Betting
New Jersey has demonstrated recently that financial returns from legalising gambling, in particular online gambling can be huge . As of April 2018 New Jersey have spent a massive $7.2M dollars in the fight to legalise sports betting within the state borders.

11 April 2018
England All-rounder David Willey Replaces Kedar Jadhav
He has two centuries and seven half centuries to his name, which have come while playing in various T20 leagues across the world. With an experience of more than 140 T20 matches, David will prove out to be the Trump Card of Chennai Super Kings this season.

07 November 2017
Can American Express Company (NYSE:AXP) Grab Upward Traction?
Peak6 Invs Limited Partnership has invested 0% in ClubCorp Holdings Inc (NYSE:MYCC). 15,800 are owned by First Quadrant Lp Ca. Also, insider Susan Sobbott sold 6,000 shares of the firm's stock in a transaction that occurred on Thursday, September 7th.

07 November 2017
49ers Not Yet Committed To Jimmy Garoppolo
Anyway, ESPN's Adam Schefter is reporting that the 49ers aren't yet 100 percent sold on a "long-term partnership" with Garoppolo. Beathard's helmet with his forearm as he was sliding at the end of a 10-yard run.

07 November 2017
This Super Genius Claims That He's Actually From Mars
Born in January 1996, Boriska has fascinated his parents, teachers and scientists with his vast knowledge of the planetary system. He is Boriska Kipriyanovich, who has puzzled experts with his knowledge of outer space for almost 20 years.

07 November 2017
Pakistan denounces killing of diplomat in Jalalabad
A Pakistan diplomat was shot dead by gunmen near his residence in eastern Afghanistan on Monday, The Express Tribune reported. Foreign Minister Khawaja Asif in his message condoled with the aggrieved family and denounced the tragic act of violence.

07 November 2017
Australia same sex marriage survey draws 78.5 percent response rate
Same-sex marriage supporters have urged those who have not posted their vote to hand deliver them as the survey deadline looms. Votes on Tuesday can be dropped off at ABS offices in Sydney, Canberra, Darwin, Brisbane, Adelaide, Hobart and Perth.

07 November 2017
Stifel Nicolaus Reiterates Hold Rating for Blue Apron Holdings Inc (APRN)
Empyrean Capital Partners LP bought a new position in Blue Apron Holdings during the 2nd quarter worth approximately $934,000. Finally, Bank of New York Mellon Corp acquired a new stake in Blue Apron Holdings in the third quarter valued at $120,000.

07 November 2017
Analyst Opinion Summary: Heska Corporation (HSKA), New York Mortgage Trust, Inc. (NYMT)
Teacher Retirement System of Texas raised its position in PennyMac Mortgage Investment Trust by 6.2% in the second quarter. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company.

26 September 2017
Explore Fort Tilden State Park: An Abandoned New York City
As you approach the boat graveyard, as its name is, there are about more than 100 extinct vessels that rest in the relative peace. But in the recent years, it had gone from an obscure stretch to a favorite destination among the beachgoers and lovers as well.