“This is quite a big day for us” – key takeaways as ABF splits food from Primark [Yahoo! Finance]
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NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
That separation is expected to be completed before the end of 2027 and will create on one side ABF FoodCo, which will become, in group CEO George Weston's words “the only FTSE-100 pure-play food producer”. “This is quite a big day for us,” Weston said as he concluded an almost two-hour-long call with analysts today (21 April) to discuss the demerger and ABF's latest financial results. “It's quite a big day and we have to remember that.” Those numbers for the first half, which showed a decline in sales, operating profit and baseline earnings for the group, and similarly in grocery, were overshadowed somewhat by the split announcement. The decision to divide up ABF's business follows a significant deal within the conglomerate's grocery business announced last August when the company unveiled a deal to acquire UK bread rival Hovis , a transaction currently going through the country's competition process. Setting the scene for ABF's food business today, Weston said: “We built a d
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