Associated British Foods

Pre-close update – improved FY23 outlook

  • Sectors : Foods
  • Companies : Associated British Foods

Ratings and price correct at time of issue.

  • Associated British Foods

    Closing Price: 1947p

  • RATING 05/07/11

  • PREVIOUS RATING 03/11/10



Associated British Foods’ (ABF) pre-close H1 FY23 statement underpins a healthy performance in Primark, with improved trading supporting an anticipated operating margin of “above 8%”. ABF has raised its full year expectations – adjusted operating profit is now expected to be in line with FY22, implying c.4% upside relative to our forecasts. The improvement was driven by higher sales and lower cost expectations in H2 for Primark, allied with improved profitability in the Grocery and Ingredients segments. Following our recent upgrades, we envisage a further c.4-5% upside to our current FY23 EPS forecasts.

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Feb 27 2023, 10:15 GMT