AB Foods Profits Up 8 Pct To GBP720 Million
AB Foods today reported an adjusted operating profit of GBP720 million, an increase of 8% on a year ago, with group revenue up 12% to GBP9.3 billion.
The sugar side saw revenue up 24.3% to GBP1.575 billion, with an adjusted operating profit of GBP189 million (an increase of 23.5%), aided by "a sharp recovery in profit at British Sugar UK."
I'll give it ten minutes before we hear the NFU using that one against them when it comes to the price being paid for beet for 2009/10.
They said that the "construction of Vivergo’s wheat bioethanol plant is progressing well at Hull in the UK, with commissioning now planned for autumn 2010. All major plant items have now been received and installation is well underway. Contracts have been signed with AB Agri to supply wheat from Frontier and for the sale of the distillers’ grain co-products."
A nice level playing field there then.
The agriculture side chipped in with revenue of GBP1.004 billion, up 16%, and an adjusted operating profit of GBP34 million, an increase of 3%. Saying that "AB Agri had another very strong year continuing to perform well above expectations." In addition Frontier "produced exceptional results having anticipated the correction in the value of the global grain markets." And that KW Trident had "significantly increased its presence in the UK blends market."
Bespoke ladies and gentleman's outfitter Primark reported revenue up 20% to GBP2.314 billion, with an adjusted operating profit of GBP252 million, up 8%.
In addition to that, grocery reported revenue of GBP3.188 billion (up 13%), but an adjusted operating profit down slightly to GBP191 million. Ingredients weighed in with sales of GBP989 million, up 20%, and an adjusted operating profit of GBP88 million, up 13%.
It's nice to see the little man doing well isn't it?
Mind you the news isn't everyone's cup of tea, despite the profits there are 400 jobs going at ABF-owned Twinning's. They obviously didn't anticipate the correction in the value of the global premium tea market: here
The sugar side saw revenue up 24.3% to GBP1.575 billion, with an adjusted operating profit of GBP189 million (an increase of 23.5%), aided by "a sharp recovery in profit at British Sugar UK."
I'll give it ten minutes before we hear the NFU using that one against them when it comes to the price being paid for beet for 2009/10.
They said that the "construction of Vivergo’s wheat bioethanol plant is progressing well at Hull in the UK, with commissioning now planned for autumn 2010. All major plant items have now been received and installation is well underway. Contracts have been signed with AB Agri to supply wheat from Frontier and for the sale of the distillers’ grain co-products."
A nice level playing field there then.
The agriculture side chipped in with revenue of GBP1.004 billion, up 16%, and an adjusted operating profit of GBP34 million, an increase of 3%. Saying that "AB Agri had another very strong year continuing to perform well above expectations." In addition Frontier "produced exceptional results having anticipated the correction in the value of the global grain markets." And that KW Trident had "significantly increased its presence in the UK blends market."
Bespoke ladies and gentleman's outfitter Primark reported revenue up 20% to GBP2.314 billion, with an adjusted operating profit of GBP252 million, up 8%.
In addition to that, grocery reported revenue of GBP3.188 billion (up 13%), but an adjusted operating profit down slightly to GBP191 million. Ingredients weighed in with sales of GBP989 million, up 20%, and an adjusted operating profit of GBP88 million, up 13%.
It's nice to see the little man doing well isn't it?
Mind you the news isn't everyone's cup of tea, despite the profits there are 400 jobs going at ABF-owned Twinning's. They obviously didn't anticipate the correction in the value of the global premium tea market: here