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Apr 23 2024, 08:45 IST/BST
Associated British Foods
Stellar H1 delivery
- Sectors : Foods
- Companies : Associated British Foods
DAVY VIEW
Associated British Foods (ABF) has delivered an exceptional H1-24 performance, with all divisions contributing to operating profit growth in the period. The key takeaway for us was Primark delivering an operating margin of 11.3%, which underpinned 45% operating profit growth for the segment in the period. Cash generation also impressed due to working capital management. The business is firing on all cylinders, and we expect consensus operating profit for FY24 to approach £2bn.
