London / UK. (abf) Food, ingredients and retail group Associated British Foods PLC (ABF) published its 2020 Annual Results Announcement for the 52 weeks ended 12 September 2020. Statutory operating profit for the year reduced to GBP 810 million from GBP 1,282 million last year, driven by the reduction in adjusted operating profit and an increase in the net exceptional charges to GBP 156 million this year from GBP 79 million last year.
George Weston, Chief Executive of Associated British Foods, said: «I am proud of how our people have responded to the many challenges presented by Covid-19. Throughout, we have provided safe, nutritious food under the most extraordinary conditions, proving the value and resilience of our supply chains. Our food businesses delivered an adjusted operating profit increase of 26 percent, driven by high demand and improved productivity. Following a three-month closure, Primark delivered a robust performance, receiving an overwhelmingly positive response when it safely welcomed customers back to its stores. Uncertainty about temporary store closures in the short-term remains, but sales since reopening to the year end of £2bn demonstrate the relevance and appeal of our value-for-money offering. We have the people and the cash resources to meet the challenges ahead and we are investing for the future.»
For additional information please read the company’s «FY-2020 Pre Close Period Trading Update» (2020-09-08) and/or the PDF file below (995 KB).
20201104-ABF-FY-2020.