Associated British Foods PLC
05 September 2002
05 September 2002
Associated British Foods plc
Pre Close Period Trading Update
In line with current market practice, Associated British Foods plc issues the
following update prior to entering its close period for its preliminary results
to 14 September 2002, which are scheduled to be announced on 5 November 2002.
Trading across the group has been in line with our expectations for sales,
profits and earnings at the time of announcement of the interim financial
results in April and cash generation from operations is expected to be strong.
British Sugar UK has continued to trade well but overseas, a poor crop and weak
market prices have continued to hold back results in British Sugar Poland.
ACH in the US completed the acquisition of Mazola and associated brands on 1
July 2002. The integration and trading of that business has been in line with
expectation at the time of the announcement of the acquisition.
A special meeting of minority shareholders will be held by George Weston Foods
in Australia on 6 September 2002 to consider that company's proposal to buy back
the shares held by the minority shareholders. In the independent expert's
report on this proposal sent to shareholders on 8 August 2002, the forecast for
the full year profit before tax was A$54.6m compared to A$55.0m last year. As a
result, operating performance in the second half is forecast to be ahead of the
same period last year. The disposal of the starch business of George Weston
Foods was completed in March 2002.
At Primark, sales and profit reflect the increase in retail selling floor space
and like for like growth in line with the first half of the year. Six new
stores have been opened this year, and one store relocated, taking the total to
114 stores with 2.0million sq ft of retail selling space.
For further enquiries please contact:
Associated British Foods
John Bason, Finance Director Tel: 020 7589 6363
Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Sara Batchelor Tel: 020 7638 9571
This information is provided by RNS
The company news service from the London Stock Exchange
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