(Il Sole 24 Ore Radiocor) - Milano, 21 apr - Associated British Foods said that in the first half that ended February 28 revenue came in at 9.470 billion pounds against 9.509 billion a year ago, down 2% on a constant currency basis.

Adjusted operating profit was down a reported 17% and a constant currency 18% to 691 million pounds reflecting continued investment in growth and certain cost impacts more weighted to the first half of the year.

In the Retail sector, sales grew 2%, with good execution of new store openings contributing 4% to growth. In the UK, like-for-like sales grew 1.3% and Primark gained market share in a difficult retail environment, reflecting strong progress to re-energise our customer proposition. In Europe, where consumer confidence remains weak and initiatives to improve performance are at an earlier stage, like-for-like sales declined 5.6%. The adjusted operating margin in the sector was 10.1%.

Grocery adjusted operating profit declined 20%, primarily due to the US oils businesses including the joint venture, as expected. Ingredients adjusted operating profit declined 7%, due to soft market demand in bakery ingredients in the US.

Sugar posted an adjusted operating loss of 27 million pounds, mainly as a result of lower average selling prices in Europe.

Agriculture adjusted operating profit of 6 million pounds.

Adjusted pretax profit fell 19% to 663 million pounds and adjusted earnings per share were 15% lower at 70.7 pence.

The group declared an unchanged interim dividend of 20.7 pence per share.

ABF noted that the phasing of group profit was always expected to be weighted to the second half in 2026. It confirmed its full year outlook, with the exception of Sugar where it now expect an adjusted operating loss. It continues to expect group adjusted operating profit and adjusted EPS in.

2026 to be below last year.

(RADIOCOR) 21-04-26 08:56:04 (0191) 5 NNNN