2014 Annual Results Announcement

04 Nov 2014

ABF delivers 6% earnings growth

George Weston, Chief Executive of Associated British Foods, said:

“I am pleased to report growth of 6% in adjusted earnings per share. Significant progress was achieved in operating profit by Grocery, Agriculture, Ingredients and Primark, all of which substantially out-performed last year. Primark’s trading success and significant expansion delivered another magnificent year. Much lower sugar prices in the EU held back the group’s profit growth although, operationally, Sugar performed well.”

Financial Highlights Actual Constant currency1
Group revenue £12.9bn -3% +1%
Adjusted operating profit £1,163m* -1% +2%
Adjusted profit before tax up 2% to £1,105m**    
Adjusted earnings per share up 6% to 104.1p**    
Dividends per share up 6% to 34.0p    
Net capital investment of £691m    
Net debt reduced to £446m    
Operating profit down 1% to £1,080m, profit before tax up 18% to £1,020m and basic earnings per share up 30% to 96.5p

* before amortisation of non-operating intangibles, and profits less losses on disposal of non-current assets.

** before amortisation of non-operating intangibles, profits less losses on disposal of non-current assets, and profits less losses on the sale and closure of businesses.

All adjustments to profit measures are shown on the face of the consolidated income statement.

1 Constant currency is derived by translating the 2013 results at 2014 average exchange rates.

For further information please contact:
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500