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    ABF   GB0006731235

ASSOCIATED BRITISH FOODS PLC

(ABF)
  Report
Delayed London Stock Exchange  -  11:35:02 2023-01-27 am EST
1857.00 GBX   +0.51%
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After Tesco inflation comments, AB Foods says grocery margin is down

01/24/2023 | 07:04am EST
A Primark store is seen on Oxford Street, in London

LONDON (Reuters) - Associated British Foods' profit margin for its grocery division will fall in its 2022-23 year as input costs continue to outpace price rises for its customers, its finance chief said on Tuesday.

John Bason told Reuters this showed AB Foods, whose grocery brands includes Twinings tea, Jordans cereals and Ovaltine drinks, was not using inflation as an excuse to hike prices more than necessary.

On Sunday, John Allan, the chairman of Britain's biggest supermarket group, Tesco, told BBC television some food companies had pushed for illegitimate price rises - comments that baffled the head of the country's farmers union and food industry groups.

Bason declined to comment on Allan's comments directly, but said: "The measure of that is our margin. I've guided to the fact that our margin is going to go down in grocery."

"Are we recovering all of our (cost) inflation, clearly not. It's as simple as that."

Bason was talking after AB Foods updated on the Christmas quarter.

(Reporting by James Davey; Editing by Sachin Ravikumar)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
ASSOCIATED BRITISH FOODS PLC 0.51% 1857 Delayed Quote.17.23%
CORN FUTURES (ZC) - CBE (ELECTRONIC)/C1 0.15% 683.5 End-of-day quote.0.59%
TESCO PLC 0.53% 246.9 Delayed Quote.9.55%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 -0.47% 749 End-of-day quote.-4.99%
All news about ASSOCIATED BRITISH FOODS PLC
01/25Goldman likes UK banks; HSBC cuts Dr Martens
AN
01/24European Stocks Mixed on UK PMI Data Miss, Eurozone Surprise
MT
01/24FTSE 100 Closes Down 0.35% Amid Mixed PMI Data
DJ
01/24Stocks broadly higher despite UK recession fears
AN
01/24Sterling Falls Amid Signs of UK Economic Struggles
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01/24FTSE 100 down as UK PMIs raise recession fears
AN
01/24After Tesco inflation comments, AB Foods says grocery margin is down
RE
01/24Trending: Primark Posts Record Christmas Week as Shoppers Return to Stores
DJ
01/24AB Foods Forecasts Lower Fiscal Year Profit as Costs Hit Margins
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01/24European Midday Briefing: Stocks Down After PMI -2-
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Analyst Recommendations on ASSOCIATED BRITISH FOODS PLC
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Financials
Sales 2023 18 892 M 23 391 M 23 391 M
Net income 2023 907 M 1 123 M 1 123 M
Net Debt 2023 2 042 M 2 528 M 2 528 M
P/E ratio 2023 15,8x
Yield 2023 2,44%
Capitalization 14 541 M 18 004 M 18 004 M
EV / Sales 2023 0,88x
EV / Sales 2024 0,84x
Nbr of Employees 132 000
Free-Float 44,7%
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Technical analysis trends ASSOCIATED BRITISH FOODS PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 1 857,00 GBX
Average target price 1 857,35 GBX
Spread / Average Target 0,02%
EPS Revisions
Managers and Directors
George Garfield Weston Chief Executive Officer
John George Bason Finance Director & Executive Director
Michael G. McLintock Chairman
Ruth L. Cairnie Senior Independent Non-Executive Director
Wolfhart Gunnar Hauser Independent Non-Executive Director
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