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Apr 24 2019, 08:55 IST/BST
Associated British Foods
H1 results: guidance reiterated; Primark UK like-for-like growth above expectations
- Sectors : Foods
- Companies : Associated British Foods
DAVY VIEW
Associated British Foods’ (ABF) interim results statement confirms the group’s FY outlook, which calls for adjusted EPS in line with last year. The conversion of space growth to profit growth at Primark continues to impress (profits +25%). Primark in the US is performing strongly and should become profitable next year. The incrementally more constructive outlook on Sugar should provide a boost to consensus estimates for FY2020 operating profit as higher sugar prices feed into FY2020 contracting. We reiterate our ‘Outperform’ rating.
