Food and retail company Associated British Foods said on Monday that recent trading had been in line with expectations, with revenues up across all of the group’s key verticals due to both price hikes aimed at recovering input cost inflation and a marked volume increase in its ingredients division.
Associated British Foods posted a 32% increase in group revenues to £.3.03bn for the three months ended 28 May, with a 24% improvement in ingredients revenue leading the way.
The FTSE 100-listed firm also highlighted that all of its Primark stores traded during the period, compared to the same time in 2021 when most stores were closed until the middle of April, and saw an uplift in sales in the quarter. AB also stated the unit’s full-year margin was tracking in line with expectations.
“Sales and adjusted operating profit in the period were in line with our expectations. Our full-year outlook remains unchanged with significant progress expected in adjusted operating profit and adjusted earnings per share for the group,” said the group.
Reporting by Iain Gilbert at Sharecast.com
