ABF Interim Statement
Associated British Foods says that interim results to 27 February 2010, which are scheduled to be announced on 20 April 2010, will show a strong increase in revenue with growth achieved in all segments. Operating profit will be substantially higher than in the corresponding period last year in all segments except Agriculture, where trading last year benefited from unusually high volatility in commodity prices, they say.
In Agriculture, UK feed revenues will be ahead in all sectors except sugar beet feed which has been affected by lower prices. Growth in speciality feeds and nutrition has exceeded expectations, enzyme sales have been encouraging with further registrations of new products in the period and a new feed mill has been commissioned in China. Adjusted operating profit will be lower than last year’s exceptionally high level, largely as a result of reduced volatility in UK grain markets leading to less trading activity by Frontier, they add.
In Agriculture, UK feed revenues will be ahead in all sectors except sugar beet feed which has been affected by lower prices. Growth in speciality feeds and nutrition has exceeded expectations, enzyme sales have been encouraging with further registrations of new products in the period and a new feed mill has been commissioned in China. Adjusted operating profit will be lower than last year’s exceptionally high level, largely as a result of reduced volatility in UK grain markets leading to less trading activity by Frontier, they add.