AB Foods cancels dividend but says it has 'ample cash' to deal with coronavirus challenges
As at the date of these results, the group has available central cash on hand of £1.5bn, while Primark's cash burn is now around £100mln a month
Company
Associated British Foods PLC
LON:ABF
Associated British Foods is a diversified international food, ingredients and retail group with sales of £10.2 billion and 97,000 employees in 44 countries.
474 stories · page 3 of 5
AB Foods' Primark agrees to pay £370mln for cancelled orders
The fast-fashion firm sparked controversy last month when it refused to pay for items already made and shipped by producers in Asia
LSE, AB Foods and unemployment claims in focus on Tuesday
Over in the US, earnings season is kicking in, with Netflix, Coca-Cola, SAP, Philip Morris, Lockheed Martin, Texas Instruments all reporting
Archive
FTSE 100 closes higher as traders eye potential 'reopening' of global economies
Britain's index of blue-chip shares finished up nearly 26 points at 5,812 on the first day of the new week
Archive
Primark owner AB Foods, LSE, Boohoo and Unilever among key updates for coming week
Next week's news on the macro front will include UK inflation and unemployment data, potentially providing clarity on the economic impact of the coronavirus pandemic
Primark owner AB Foods downgraded as retail reboot is set to favour youth
All London-listed retail is seen to have sufficient liquidity to reach September, but, according to Citi the recovery will skew towards younger consumers.
Associated British Foods warns on profits, cuts top executives’ salaries as Primark hard hit by coronavirus pandemic
The clothing retailer has had to close all its outlets following governmental guidelines, causing an expected net £650mln in lost income per month
AB Foods says Primark shutdowns will cost £650mln in sales per month
All its Primark outlets in the UK were closed from Sunday
ABF's Primark profits "could fall 40%" in event of coronavirus lockdown
Analysts at UBS said the conglomerate structure of the FTSE 100-listed firm is likely to shield profits
AB Foods says Primark hit hard by shut down in Europe, with UK sales now faltering
Stores have been closed in France, Spain and Austria
AB Foods slips as it forecasts Primark profit squeeze, coronavirus hits other divisions
The firm said it did not expect any short-term impact from the outbreak on Primark due to stockpiling ahead of Chinese new year, although a number of factories from its other businesses in the country were operating at reduced capacity
Archive
FTSE 100 tanks 3% as pandemic fears are heightened
Britain's blue chip benchmark closed down over 247 points at 7,156. The FTSE 250 shed over 670 points at 21,109
RBC Capital trims AB Foods to ‘sector perform’ from ‘outperform’ as it feels valuation is “up with events”
It also said: "Primark's lack of a transactional e-com offer is likely to constrain its long-term profit pool and implied multiple”
How good was Primark's Xmas compared to high street fashion rivals?
“What’s most striking about Primark is it’s essentially an old school retailer”, though some analysts raised the issue of sustainability as becoming a threat to some retailers
Primark's Xmas sales dip but AB Foods enjoys sugar rush
Primark grabbed a larger share of the UK clothing market as sales fell much less than rivals
Associated British Foods set to reveal whether Primark beat the rest of the highstreet at Christmas
Threds n beds are on Thursday's agenda as the respective parent companies of clothes retailer Primark and Premier Inn separately report on their Christmas trading periods.
Archive
Boohoo, Primark and housebuilders unwrap Xmas updates; US-China trade deal, UK inflation eyed
As well as trading updates from retailers Boohoo and Primark owner AB Foods, there are also reports expected from builders Persimmon, Taylor Wimpey and Vistry, as well as Experian, Gym Group and many others
AB Foods reassures with nothing new
The “small reduction” was due to weaker sterling on purchases offset by cost reductions in both the cost of goods and overheads
AB Foods sees strong profit growth from its Grocery and Primark divisions
The strengthening of the US dollar during this year has increased the cost of goods for the first half of the current fiscal year at Primark
Archive
FTSE 100 closes modestly higher as US stocks remain subdued after peaking
At the close, the UK blue-chip index was up 18.39 points, or 0.3% at 7,388.08, about midway between the session high and low
Will Trainline and Imperial Brands be smokin' on Guy Fawkes day?
Primark owner Associated British Foods and Regus owner IWG will also be delivering numbers
AB Foods shares a mismatch with Primark’s true value, says Berenberg
While UK sales at Next have plunged 10% in the last three years, Primark’s UK sales have increased by 17%, while its sales densities are twice as much the high street rival’s, along with greater overseas potential
Associated British Foods PLC leads FTSE 100 fallers on Primark blip
Analysts said there was scope for modest downgrades (4-5%) to 2020 earnings forecast
Archive
FTSE 100 closes in red after economic data, PM's Brexit comments boost sterling
The UK's premier share index finished 52.21 points down at 7,230.13 on the day
Berenberg's scoops from the retail front line: sell Asos buy ABF
Asos was downgraded to ‘hold’ from ‘buy’ but the analysts said the e-retailer's problems are “far from insurmountable”
Morgan Stanley turns bearish on global stocks as 'downside risks' build up
Strategists at the investment bank downgraded its rating on global equities as it saw a "poor" risk/reward outlook for the next three months
AB Foods still expects “good profit growth” at Primark this year despite recent sales slowdown
Sales at Primark dropped in May as a result of the “unseasonable weather” in the UK and Europe, but trading has picked up since and margins continue to improve
Investments and investor services
FTSE 100 closes a shade lower as markets uninspired; US celebrates Independence Day holiday
The Footsie finished down nearly six points at 7,603
Archive
Will poor weather have knocked sales at AB Foods clothing stores flagship Primark?
Aside from the AB Foods update, investors will also be eyeing updates from builders Persimmon and MJ Gleeson, while US markets will be shut for Independence Day
Investments and investor services
FTSE 100 closes higher as global markets buoyed by US, China talks
The UK's premier share index closed around 73 points higher at 7,499, while FTSE 250 was also up - around 170 points to 19,632
Archive
Sainsbury's set for fall in Q1 sales in wake of Asda deal fall-out
The Week Ahead will also bring updates from fellow blue-chips Associated British Food and Persimmon PLC, as well as the latest US payrolls report
Archive
FTSE 100 closes higher led by defensive stocks
Footsie closed up 39 at 7,259, while mid-cap cousin FTSE 250 went the other direction, shedding over six points to close at 19,065
Archive
Aviva and CMC Markets in spotlight for busy Thursday
Investors look forward to a strategy update from Aviva's new boss, meanwhile, they are braced for CMC Markets results after the recent profit warning.
Archive
US jobs data, ECB policy decision to make for up meagre flow of corporate news in coming week
Asides from the macro news, the Week Ahead also brings the latest quarterly FTSE indexes reshuffle, a strategy update from insurer Aviva, and results from Auto Trader
Primark losing ground to online rivals like Boohoo and PrettyLittleThing, analysts suggest
Primark remains the destination for affordable yet fashion-forward purchases but online pureplays Boohoo and PrettyLittleThing continue to bite, said GlobalData analyst Chloe Collins
Weston family to pocket another £50mln as AB Foods hikes dividend despite first-half profit plunge
AB Foods reported a 15% fall in pre-tax profits as a writedown of its Allied Bakeries business and a wipe-out of profits in AB Sugar more than offset surging profitability at Primark
Archive
FTSE 100 closes in the red as resource stocks come off the boil
After hitting a six-month high on Tuesday afternoon, London's blue-chips took a step back on Wednesday
Archive
Primark owner AB Foods to take results spotlight on Wednesday
Primark’s performance is an all-important indicator for the FTSE 100 firm, especially with its sugar division continuing to struggle amid falling prices in the EU
Next, M&S, Kingfisher, WH Smith and Dunelm shares to benefit from improved retail outlook, says RBC
RBC’s preferred stocks are Next and Primark owner Associated British Foods
Five things Primark is doing right to avoid same fate as Debenhams and House of Fraser
With the launch of its Birmingham megastore, Primark is giving customers a shopping experience –a trend Liberum analyst Robert Waldschmidt thinks other retailers will follow to improve footfall
Archive
Proactive news snapshot: Chariot Oil & Gas, African Battery Metals, AdEPT Technology, Minds + Machines …
A glance at some of the day's highlights from the Proactive Investors newswire
Investments and investor services
Frontier IP shares lifted as portfolio value jumps 27% in first half
The intellectual property investor reported that for the six months to 31 December 2018, the fair value of its portfolio had increased to £11.5mln from £9.1mln in the prior six months
M&S and Ocado cost savings key to making tie-up more attractive, says RBC Capital
RBC revised its target prices on Marks & Spencer and Ocado shares but maintained a 'sector perform' on the stocks
Why it makes no business sense for Primark to move online
Because Primark’s clothes and accessories are so cheap, the shipping and return costs are often more expensive than the cost of the goods themselves
AB Foods expects Primark’s first-half profit to be “well ahead” of last year
AB Foods spooked investors in December when it warned of “challenging” trading heading into the key Christmas period, but sales have bounced back in the months since
Investments and investor services
FTSE 100 closes higher but only just as sentiment boosted by trade progress
The UK blue-chip index finished around five points ahead at 7,183
Archive
Hotchpotch of blue-chip results set to flow in coming week from likes of Rolls-Royce, ITV, WPP
The Week Ahead will also bring a trading update from AB Foods, plus final results from Standard Chartered, IAG, Persimmon, Rightmove, as well as the latest US GDP data
Frontier IP’s Nandi Proteins wins grant to improve quality of gluten-free bread
The firm said the £250,000 project to create new ingredients using Nandi’s processing technology would receive a £180,697 grant from charity, Coeliac UK, and agency, Innovate UK
Investments and investor services
GCM gets boost from PowerChina (again)
A look at the day's major movers, including N Brown, Range Resources, Arena Events, Origo Partners, Associated British Foods and Sage Group
AB Foods back in fashion as Primark enjoys better than expected Christmas
A 4% rise in sales, coupled with higher operating margins, meant Primark’s profits over the past three months or so were “well ahead” of last year
Investments and investor services
FTSE 100 finishes lower as uncertainty continues to be the watchword
The UK's premier share index finished down over 27 points at 6,834
Archive
Whatever the UK government no-confidence vote outcome, investors will have plenty to chew over on Thursday
The Day Ahead will bring updates from the likes of Primark-owner Associated British Foods, a caffeine-free Whitbread, credit checker Experian, and software firm Sage
Investments and investor services
FTSE 100 closes lower as Chinese data and Brexit weighs
Footsie closed down over 63 points at 6,855 on the day
Archive
Brexit, UK inflation the main focus but retail and housebuilder updates continue to flow
Aside from the Brexit merry-go-round, the Week Ahead will bring UK inflation and retail sales numbers, plus updates from the likes of AB Foods, Persimmon, Bovis Homes, and Whitbread
A fifth of FTSE 100 firms set to lose CEOs to retirement when Britain adjusts to life after Brexit
Rico Back, 64, is the oldest chief executive on the FTSE 100 after joining Royal Mail in early 2018
Next's Christmas trading to be hit by Brexit and mild weather, says Jefferies
In a note to investors, titled a “Messy Xmas”, Jefferies maintained a ‘hold’ rating on Next but cut its target price to 4,600p from 5,600p.
Archive
FTSE 100 closes lower as US sinks with Santa rally looking a vague memory
At the close, the FTSE 100 was down 71.93 points, or 1.1% at 6,773.24, just above the session low of 6,761.37 and well below the early high of 6,845.17.
Investments and investor services
FTSE 100 reverses into close to finish lower as ECB ends QE stimulus program
FTSE 100 closed the day down; Mid-cap cousin FTSE 250 was also off - down over 170 points
Archive
Can Sports Direct avoid the high street gloom when it updates the market on Thursday
Sports Direct and Ocado will be the next retailers in the spotlight as they both update the market.
Archive
All eyes on UK parliament as Brexit deal circus reaches final act
Aside from the crucial Brexit vote, the Week Ahead will also bring UK labour market data, an ECB council meetings and updates from TUI, WPP, Dixons Carphone, Superdry, Ocado and BAT
AB Foods warns of “challenging” trading at Primark in run-up to Christmas
Primark had been displaying the resilience which other retailers such as New Look could only dream of, but investors will be wondering whether this is the first sign of trouble or just a bump in the road
Investments and investor services
FTSE 100 closes higher on day after dreadful week for European benchmarks
"A collective sigh of relief was felt across Oil markets after OPEC+ delegates successfully reached an agreement to cut production by 1.2 million barrels per day," said Lukman Otunuga at FXTM
Archive
Berkeley to report drop in first-half earnings amid housing market slowdown
The day ahead includes interim results from Berkeley Group and the US non-farm payrolls report, while conditional dealings for AJ Bell's London IPO are due to begin
Archive
Fashion firms and a housebuilder, plus US jobs data to provide interest in the first week of Advent
Ted Baker PLC and Joules PLC will fly the fashion flag, while Berkeley Group PLC will provide the mortar on a fairly quiet corporate diary at the start of December
Archive
The conglomerate discount: Why Smiths is spinning off its medical division
The value of a conglomerate is almost always less than the combined value of its subsidiaries, which is why firms such as Smiths and Whitbread are spinning off some of their assets
Primark on track to overtake Next as UK’s second-largest clothes retailer by end of year
First-placed Marks and Spencer will be looking over its shoulder very soon as well
Weston family in £200mln dividend pay-out as profits rise at Associated British Foods
An interim payment of £50mln was paid out in July, with another £144mln due early next year after AB Foods hiked its dividend on the back of “another year of progress”
Archive
FTSE 100 closes firmly lower as traders await US midterm election results
The UK blue-chip index lost over 63 points at 7,040, while FTSE 250 also fell, dropping around 20 points at 19,043.
Archive
US midterm elections, Primark, Morrisons and Imperial Brands make for busy day ahead
The day ahead will see Americans go to the polls to vote in the midterm elections but closer to home the focus is on financials from AB Foods, Morrison's and Imperial Brands
Frontier IP achieves UK government recognition as commercialisation drive reaches Portugal
In early October, the company was presented with the ‘New to Market Award’ at the DIT Business Awards, an accolade that recognises its success in the country
Archive
Trump mid-term test and US rate decision to give week ahead a Trans-Atlantic twist
Aside from the US elections and Fed policy meeting, updates from UK blue-chip retailers J Sainsbury, Wm Morrison Supermarkets and Marks & Spencer should draw the most attention in the coming week
ASOS: The high street killer
If video killed the radio star, ASOS, with a little help from its online peers, is killing off the high street
Is Debenhams' public listing the cause of its woes?
A City analyst has told Proactive that the department store's public listing has "had a negative impact" on its turnaround efforts
‘Fast Fashion’ draws ire of MPs on environmental waste concerns
Mary Creagh MP has written to the heads of companies with large clothing lines as part of an investigation into how the UK fashion industry can reduce its environmental footprint
Sirius Minerals advances, supermarkets Tesco, J Sainsbury, Morrison PLC rise
A look at some of the biggest risers and fallers in the London market Monday
boohoo up as it poaches Primark’s chief operating officer to become its chief executive from March 2019
The firm said Mahmud Kamani, currently its joint chief executive, will become group executive chairman of the company with effect from 15 March 2019
Former AB Sugar innovation head joins Frontier IP as commercialisation director
Matthew White’s 23-year tenure at AB Sugar involved working extensively with university partners on collaborative research programmes totalling over £20mln
Could Whitbread’s sale of Costa force AB Foods to do something similar with Primark?
Analysts long argued that it made little sense for Whitbread to keep both Costa and Premier Inn under the same roof, and calls are growing for AB Foods to spin off Primark, its star asset
Primark owner AB Foods warns of currency hit to profits but maintains guidance
AB Foods expects a strong performance in Primark, grocery, agriculture and ingredients businesses to offset a slump in the sugar division
FTSE 100 ends in positive territory as Barnier now sees potential Brexit deal in weeks
The UK's index of leading shares added 1.6 points, or 0.02% , to finish at 7,279, while sterling was up 0.80% against the US dollar
Archive
Heatwave may help or hurt sales at Wetherspoons, JD Sports, Primark and Dunelm
The week ahead includes annual results from Wetherspoons, Galliford Try and Dunelm along with interims from Morrisons and trading updates from AB Foods and Ashtead
FTSE 100 closes higher but only just as trade tensions continue
The Footsie closed the day in positive territory, just, but was down on the week as a whole
Is it time for AB Foods to either spin-off Primark or sell its sugar division?
Some analysts think Primark is being dragged down by AB Foods’ sugar division, which is struggling to deal with a collapse in the price of the sweet stuff
Difficulties in AB Foods’ sugar business to offset better-than-expected profits at Primark
A weakening dollar, coupled with better buying and fewer-than-expected sales mean margins will be “well ahead” in the second half, which should lead to higher profits at the value fashion chain
Investments and investor services
FTSE 100 closes higher as fears ease on trade; Wall Street gains
FTES 100 was up 38 points to 7,611 in early afternoon trading
Archive
Bovis Homes and Persimmon both have some repair work to do
Homes - built by Bovis and Persimmon and listed for sale by Purplebricks - will be in focus on Thursday, as will clothes sold by Primark and SuperDry.
Archive
Housebuilders and retailers take centre stage as slew of firms release latest results
The week ahead will see quarterly results from Sainsbury's and AB Foods, trading updates from Bovis Homes and Persimmon, and full year earnings from SuperDry
New Look’s troubles could help drive sales at AB Foods’ Primark business
Primark hasn’t suffered as much as some of its high street peers, but sales have started to slow, although the closure of dozens of New Look and House of Fraser stores should help to reverse that trend
Investments and investor services
FTSE 100 ends in red as trade war beckons between two economic giants
The UK premier share index closed 2.58 points, or 0.03% to stand at 7,631
FTSE 100 ends in the red as Brexit wrangling weighs on sentiment
The UK's premier share index closed down 7.97 points, or 0.10% at 7,704
Investments and investor services
CMC Markets, Auto Trader and MITIE all in focus ahead of Thursday results
One City broker expects CMC to reveal a 22% jump in pre-tax profit in its results tomorrow.
Archive
It's the scrag-end of the corporate reporting season, but an update from WH Smith could excite
Aside from a trading update from WH Smith, the Week Ahead will also bring full-year results from the likes of AO World, CMC Markets, Auto Trader, and MITIE Group
Primark owner AB Foods downgraded by Goldman Sachs
The US investment bank has abandoned its bullish position on Primark owner after factoring in the recent exchange rate fluctuation into its valuation
Investments and investor services
FTSE 100 joins global equities to head lower as geopolitical worries weigh
News that the President will now not be meeting North Korea leader Kim Jong-un next month as planned is weighing on global stocks
Associated British Foods’ Primark business looks sweet, according to UBS
Primark is AB Food’s star business and analysis by UBS suggests there is still plenty more room for it to grow into over the coming years
FTSE 100 closes in the black as Shire surges; tobacco stocks drift lower
Shire shares ended 5.89% up as the group received and rejected a takeover approach from Japan's Takeda Pharma
Ascent Resources climbs as formal sale process started after producing revenues in 2017
Some of the top news-driven risers in London at 3.45pm ...
AB Foods blames weather for drop in like-for-like sales at Primark in the first half
The 'Beast from the East' meant more people stayed at home rather than shopping at Primark stores, AB Foods said
FTSE 100 closes higher as Wall Street surges; sterling eases
FTSE 100 closed higher, as did it mid-cap cousin, FTSE 250
Archive
Wage growth could be trigger point for Bank of England interest rate hike in May
Day ahead includes the latest UK employment and average earnings data, plus trading updates from Primark owner Associated British Foods and fellow retailer JD Sports