ABF performs below expectations
ASSOCIATED British Foods (ABF) produced an in interim result below analysts expectations with its pre-tax profits falling £8 million to £183m.
Sales on continuing activities were 5% lower at £1.97bn. The company said the strength of Sterling had reduced sales by about £22m.
Some £15m of this was attributable to British Sugar and the restto the translation of profits of foreign subsidiaries into Sterling. British Sugars operating profits fell £11m to £73m.
The strength of Sterling also hit the groups animal feeds division where both sales and profits declined.
- Financial Times 15/04/98 page 25, page 52 (Stock Markets)
- The Scotsman 15/04/98 page 25
- The Independent 15/04/98 page 21, page 22 (The Investment Column)
- The Times 15/04/98 page 26 (Tempus)
- The Guardian 15/04/98 page 20
- The Daily Telegraph 15/04/98 page 28 (Questor), page 29