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Premarket London: Primark Owner ABF Sees Strong Fiscal 2020

Published 05/11/2019, 08:10
Updated 05/11/2019, 08:22
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ABF
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Investing.com -- Here are the highlights of the regulatory releases from the London Stock Exchanges on Tuesday, 5th November. Please refresh for updates.

  • Associated British Foods (LON:ABF), the owner of Primark, said net profit fell 5% on the year to 1.28 billion pounds mainly due to a 79 million pound charge on the closure of some of its businesses.

  • That clouded a slightly better-than-expected results at the underlying level for its full fiscal year through September, thanks to a strong performance from the fashion chain.

  • Adjusted earnings per share rose 2% to 1.41 billion pounds ($1.82 billion), while net cash flow came in at 936 million pounds, compared to guidance of 900 million three months ago.

  • “Next year the group is well-positioned for further progress, with the continued expansion of Primark, a material improvement in our Sugar profit and strong profit growth in Grocery,” CEO George Weston said in a statement.

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