Associated British Foods : 2018 Annual Results Announcement

6 November 2018

Further progress for the group

Financial Headlines		Actual	Constant currency
Group revenue	£15.6bn	+1%	+3%
Adjusted operating profit	£1,404m	+3%	+5%
Adjusted profit before tax	£1,373m	+5%
Adjusted earnings per share	134.9p	+6%
Dividends per share	45.0p	+10%
Gross investment of £1,165m
Net cash £614m
Statutory operating profit up 1% to £1,344m. Last year included the benefit of a one-time profit on the sale of businesses. Taking this into account, statutory profit before tax was down 19% to £1,279m and basic earnings per share down 16% to 127.5p.

George Weston, Chief Executive of Associated British Foods, said:

'This was another year of progress for the group. We continued to pursue the opportunities to grow our businesses with a gross investment of £1.2bn. Strong profit performances were delivered by each of Primark, Grocery, Agriculture and Ingredients. These more than offset the decline in Sugar profit which was caused primarily by low prices in the first year after the structural change in the EU sugar regime. Looking ahead, management have clear plans for further investment and for pursuing opportunities for business improvement.'

Adjusted operating profit is stated before the amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, transaction costs and amortisation of acquired inventory fair value adjustments. These items, together with profits less losses on the sale and closure of businesses, are excluded from adjusted profit before tax and adjusted earnings per share. Constant currency is derived by translating the 2017 results at 2018 average exchange rates.

References to operating profit in the Operating Review are based on the adjusted measure defined above.

For further information please contact:

Until 15.00 only

Associated British Foods:

John Bason, Finance Director
Tel: [phone]

Citigate Dewe Rogerson:

Chris Barrie, Jos Bieneman
Tel: [phone]

After 15.00

John Bason, Finance Director
Tel: [phone]

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