Primark owner AB Foods expects ‘significant growth' in profits for 2024 as inflation eases in recession-affected markets like the U.K. [Fortune]
ASSOCIATED BRI/F UNSP/ADR (ASBFY)
NASDAQ:AMEX Investor Relations:
abf.co.uk/investorrelations
Company Research
Source: Fortune
The British conglomerate, whose business ranges from grocery and agriculture to clothing, expects “significant growth in both profitability and cash generation” this fiscal year. Its previous guidance in January forecast only “meaningful progress.” AB Foods lifted its interim dividend by 46% to reflect the growth in earnings amid the “restoration of some normality in our markets and in our supply chains,” according to a statement Tuesday. The company's stock rose more than 7% in early trading in London. The shares had already gained more than 21% before Tuesday's surge. The better-than-expected first half was driven by a steady performance at Primark, where higher average selling prices and new store openings helped drive a recovery in profitability. The chain's profit margin recovered to 11.3%, ahead of target, with further moderate improvement forecast in the second half. “Volumes are OK at Primark but the trading environment in all our markets is recession affected,” said
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