Sees significant profitability, cash generation growth in FY (Il Sole 24 Ore Radiocor) - London, 23 Apr - Associated British Foods said that in the first half, or the 24 weeks to March 2, revenue rose a reported 2% and a constant currency 5% to 9.734 billion pounds with retail sales at the unit Primark up 7.5% at 4.5 billion pounds reflecting a 5.4% positive contribution from new stores due to both increased selling space and higher sales densities.

At the Primark retail unit, like for like sales rose 2.1% driven by good performance across most markets due to pricing and well-received product ranges.

Group adjusted operating profit rose a reported 39% and a constant currency 46% at 951 million pounds with a 46% rise at Primark to 508 million pounds with a margin recovery to 11.3%.

Group adjusted earnings per share rose 46% to 90.4 pence.

Free cash flow was a positive 468 million pounds compared with a negative 510 million reflecting profit growth and a significant reduction in working capital outflow.

"The Group has delivered a strong first half performance and is on track to deliver significant growth in both profitability and cash generation ahead of expectations at the start of this financial year," ABF said.

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(RADIOCOR) 23-04-24 08:55:31 (0194) 5 NNNN