Growth slows at AB Foods

9th Jul 2009 07:01

Associated British Foods has seen year-on-year increases in revenue across the group in the first 40 weeks of its financial year.The retail division, which comprises the clothing chain Primark, saw revenues rise 20% year-on-year (yoy) in the 40 weeks to 20 June 2009.Revenue in the sugar division, which includes the Silver Spoon brand, saw sales rise 21% yoy over the same period.The agriculture division’s revenue rose 19% yoy, while grocery and ingredients recorded rises of 17% and 22% respectively.The group as a whole saw revenue rise 19%, but growth slowed in the third quarter, with revenues rising just 15% in the 16 weeks to 20 June 2009.The food businesses benefited from favourable exchange rate movements; at constant exchange rates group revenue was up 8% in the first three quarters.“Trading for the group since the half year remains on track to deliver the anticipated progress in operating profit for the second half. We still expect little change in earnings for the full year as the increase in operating profit will be broadly offset by a higher interest charge,” the company said.