Associated British Foods (ABF) Reports H1 Revenue of £9.5 Billion

AI Summary

Associated British Foods (LON:ABF) reported group revenue of £9.5 billion for the 24 weeks ended February 28, which remains flat compared to the previous year, translating to a 2% decline at constant currency. Adjusted operating profit was £691 million, down 18% at constant currency, primarily due to lower profits in Primark, grocery, and sugar segments. The company reiterated plans to demerge Primark by the end of 2027, with management stating they believe this will improve long-term decision-making. They expect both businesses to maintain strong balance sheets as standalone entities.