Associated British Foods Q3 Revenues Up 13%
Associated British Foods has reported group revenue increase of 13%, compared to the same quarter last year. Revenue for the nine month period increased 14% compared to the previous year period.
The weakness of sterling continued to benefit the translation of group revenues from continuing businesses which were 9% ahead at constant currency.
The company reported that sugar revenues in the last 16 weeks were 44% ahead of last year. benefiting from the inclusion of the sales of Azucarera which was acquired in April 2009. Excluding these sales, sugar revenues were 16% ahead in the last 16 weeks and 12% ahead year-to-date.
In Agriculture, total revenue was ahead 6% in the 16 week period and 4% year-to-date. UK feed revenues were ahead in all sectors except sugar beet feed, which was affected by lower prices, but revenue for the full year is expected to be in line with last year.
Grocery revenues in the quarter increased by 5% over last year. The 22% revenue increase in the first half was driven by a number of substantial price increases achieved in the previous financial year. Revenues in this quarter were also impacted by consumer oil price reductions in the US and Mexico.
The company said the yeast and bakery ingredients business of AB Mauri performed well, with good progress made in yeast in Latin America and from its bakery ingredients products generally. Commissioning of the new yeast and yeast extracts plant in Harbin, China is underway. At ABF Ingredients, the yeast extracts and enzymes businesses continued to trade well with a good performance in the US yeast market and sustained growth in the feed enzyme sector.
Revenue year-to-date has increased by 17%, driven by an increase in retail selling space and further like-for-like sales growth. Sales since the half year were 15% ahead, with a weakening of the euro in the quarter having an adverse effect on non-UK revenues when translated into sterling.
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