Associated British Foods PLC AGM Trading Update (1927V)
10 Dicembre 2021 - 08:00AM
UK Regulatory
TIDMABF
RNS Number : 1927V
Associated British Foods PLC
10 December 2021
For release 10 december 2021
Associated British Foods plc
AGM Trading update
Associated British Foods plc is holding its Annual General
Meeting today. At the meeting the Chairman, Michael McLintock, will
say:
"Today I am providing a trading update for the Group, further to
our Annual Results Announcement on 9 November.
Trading to date in our new financial year across Grocery, Sugar,
Ingredients and Agriculture has been in line with expectations. We
are experiencing the impact of widely reported port congestion and
road freight limitations and our businesses have been working hard
to overcome these difficulties. We have seen an escalation in the
cost of energy, logistics and commodities and we have been
implementing plans to offset these through operational cost savings
and, where necessary, the implementation of price increases.
Primark trading year to date has been ahead of expectations with
improved like-for-like sales compared to the fourth quarter of our
last financial year. We are managing disruption in our supply chain
by prioritising products most in demand with the support of our
logistics providers for whom we are a very important customer. We
have stock cover on the vast majority of lines for the important
Christmas trading period. The incidence of COVID-19 cases is
increasing and the public health measures taken to date in our
markets are mainly restrictions in trading hours in the
Netherlands, the requirement for vaccine passes in Germany and the
closure of our five stores in Austria. Primark margin year to date
has been ahead of expectations. Looking ahead we currently expect
Primark sales to be significantly better than sales in the
comparable period in the last financial year, from December 2020 to
April 2021, when the estate was largely closed.
Since the year end we have opened two new stores, one in Vigo,
Spain, and one in Catania, Italy, bringing our total estate to a
milestone of 400 stores, trading from 17.0 million sq ft.
Taking these factors into account, we continue to expect
significant progress, at both the half and full year, in adjusted
operating profit and adjusted earnings per share for the
Group."
For further information please contact:
Associated British Foods:
John Bason, Finance Director
Tel: 020 7399 6545
Citigate Dewe Rogerson:
Tel: 020 7638 9571
Chris Barrie
Tel: 07968 727289
Jos Bieneman
Tel: 07834 336650
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