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Earnings at Primark owner AB Foods fall 2 pct on sugar, currency
November 3, 2015 / 7:17 AM / 2 years ago

Earnings at Primark owner AB Foods fall 2 pct on sugar, currency

LONDON, Nov 3 (Reuters) - Associated British Foods posted a 2 percent fall in annual earnings, as growth at it Primark fashion chain, grocery, agriculture and ingredients businesses was more than offset by a slump in its sugar operation and currency moves.

The group also said on Tuesday it expected currency pressures to lead to a “modest decline” in adjusted operating profit and adjusted earnings for the group for the 2015-16 year.

AB Foods said adjusted earnings per share were 102 pence in the year to Sept. 12, down from 104.1 pence last year.

The firm had said in September its full year earnings would show a “modest decline” on the previous year’s outcome and analysts had on average forecast adjusted EPS of 98.4 pence, according to Reuters data.

Group revenue fell 1 percent to 12.8 billion pounds ($19.8 billion), while adjusted profit before tax fell 6 percent to 1.034 billion pounds. The dividend was increased 3 percent to 35 pence. ($1 = 0.6480 pounds) (Reporting by James Davey; editing by Kate Holton)

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