Associated British Foods (ABF) reported “exceptional” sales results for its ingredients, while its food business overall showed resilience in the 24 weeks that ended on March 4, 2023. Sales increased across all businesses, by 23% overall, reaching GBP 5,332 m, with an adjusted operating profit increase of 13% – to GBP 373 m.
George Weston, Chief Executive of Associated British Foods, said: “This period was marked by extreme and volatile inflation in all our businesses. We have taken considerable action to mitigate these costs through operational cost savings and, where appropriate, pricing. The performance of our Food businesses was resilient in aggregate, underpinned by an exceptional performance at Ingredients (adjusted operating profit performance in Ingredients, up 62%).”
Photo: Associated British Foods social media