15 April 1998
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