LONDON, April 19 Associated British Foods
on Wednesday reported a 36 percent rise in first-half
profit, driven by a recovery at its sugar business and a
resilient performance at Primark, its discount fashion retailer.
The group, which also has ingredients and grocery
businesses, raised its profit guidance for the full year.
For the six months to March 4 AB Foods made an adjusted
operating profit of 652 million pounds ($835.9 million).
That compares with analysts' average forecast of 623 million
pounds, according to Reuters data, and 486 million pounds in the
previous corresponding period.
"Our outlook for the group’s full year results has improved
and we now expect to report good growth in adjusted operating
profit and adjusted earnings per share," the group said.
AB Foods made adjusted operating profit of 1.12 billion
pounds in 2015-16, with adjusted earnings per share of 106.2
($1 = 0.7800 pounds)
(Reporting by James Davey; editing by Kate Holton)