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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Associated British Foods Plc    ABF   GB0006731235

ASSOCIATED BRITISH FOODS PLC

(ABF)
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AB Foods Says 4Q 2020 Trading Beat Views

09/07/2020 | 02:48am EST

By Matteo Castia

 

Associated British Foods PLC said Monday that trading in the fourth quarter of fiscal 2020 beat its expectations for both Primark and its food businesses.

The British conglomerate said trading at its flagship Primark clothing brand has been strong since reopening in May and that it expects the brand to generate cumulative sales of 2 billion pounds ($2.66 billion) at year-end.

AB Foods said it expects Primark's adjusted operating profit for the year ending Sept. 12 to at least reach the top end of its previously announced guidance of GBP300 million to GBP350 million.

This is in line with analysts' projections at Numis Securities, who had forecast Primark to support profitability toward the upper end of management's range.

The company said revenue from its grocery business will be ahead of fiscal 2019 results. "Although Westmill and AB Sports Nutrition have seen sales and profit declines due to the reduction in foodservice activity and sports events respectively, Silver Spoon, Jordans, Dorset Cereals, Ryvita and AB World Foods all benefited from significant increases in consumer demand in the second half," the company said.

The sugar and agriculture units are also forecast to deliver full-year profitability ahead of the previous year, the companu said.

AB Foods said the GBP284 million charge it had recognized in its half-year report due to inventory is yet to be delivered.

 

Write to Matteo Castia at matteo.castia@dowjones.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ASSOCIATED BRITISH FOODS PLC 2.41% 2303 Delayed Quote.-13.70%
CORN FUTURES (C) - CBR (FLOOR)/C1 0.84% 422.5 End-of-day quote.8.06%
SILVER -0.19% 24.004 Delayed Quote.34.87%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.08% 571.75 End-of-day quote.3.45%
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Financials
Sales 2021 15 390 M 20 716 M 20 716 M
Net income 2021 827 M 1 113 M 1 113 M
Net Debt 2021 1 721 M 2 317 M 2 317 M
P/E ratio 2021 22,0x
Yield 2021 1,65%
Capitalization 18 191 M 24 539 M 24 487 M
EV / Sales 2021 1,29x
EV / Sales 2022 1,16x
Nbr of Employees 133 000
Free-Float 44,3%
Chart ASSOCIATED BRITISH FOODS PLC
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Technical analysis trends ASSOCIATED BRITISH FOODS PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 2 210,25 GBX
Last Close Price 2 303,00 GBX
Spread / Highest target 21,6%
Spread / Average Target -4,03%
Spread / Lowest Target -41,3%
EPS Revisions
Managers
NameTitle
George Garfield Weston Chief Executive Officer & Executive Director
Michael G. McLintock Chairman
John George Bason Executive Director & Finance Director
Emma Susan Adamo Non-Executive Director
Ruth L. Cairnie Senior Independent Non-Executive Director
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