Assoc.British Foods - First Half Trading and COVID-19 Update
First Half Trading and COVID-19 Update
Given current market conditions and rapidly changing developments regarding COVID-19,
First half trading
For the first half, adjusted operating profit will be ahead of our previous expectations, mainly due to higher margins for Primark and Grocery. As a result, adjusted earnings per share for the first half will now be ahead of last year on both a lease-adjusted and a reported basis.
Our priority continues to be the health and safety of our colleagues, customers and partners. Each of our businesses are closely monitoring the current and potential effects of the outbreak on their operations.
In our February trading statement we described the risk to supply of goods from our suppliers in
However, with developments over the last week in
These stores currently generate 30 percent of Primark's sales. From the date of this announcement, we had expected sales of
Importantly, in aggregate we have not seen a material impact in our sugar, grocery, ingredients and agriculture businesses.
Given the effect of COVID-19 on Primark's sales, it is too early to provide earnings guidance for the remainder of the current financial year.
The group has a strong balance sheet, substantial cash liquidity with some
The group will provide a further update with our interim results on 21 April.
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This information is provided by RNS, the news service of the
Quick facts: Associated British Foods PLC
Market Cap: £16.29 billion
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