Associated British Foods FY Profit Increases; Declares Special Dividend Of 12.7p/shr


Associated British Foods PLC (ASBFY.PK,ABF.L) reported that its profit attributable to equity shareholders for the 52 weeks ended 16 September 2023 increased to 1.04 billion pounds or 134.2 pence per share from 700 million pounds or 88.6 pence per share in the previous year.

The company looks forward to a year of meaningful progress. Strong cash generation will be driven by higher profitability, lower working capital, lower levels of cash tax payable and pension contributions, partially offset by higher capital investment.

The company said it has decided to continue to return additional capital to shareholders. Therefore, it will continue with a buyback program, targeting an additional amount of 500 million pounds over the next 12 months. In addition, the Group declared a special dividend of 12.7 pence per share.

The company’s board has proposed a final dividend of 33.1 pence per share which together with the special dividend will be paid on 12 January 2024 to shareholders on the register on 15 December 2023. Taken with the interim dividend of 14.2 pence per share, the aggregate total dividend equates to 60.0 pence per share, 37% higher than the total dividend of 43.7 pence in 2022.

Associated British Foods’ annual adjusted earnings per share increased by 8.2% to 141.8 pence from the prior year.

Adjusted profit before tax rose by 9% at actual rates to 1.47 billion pounds from the prior year.

Annual group revenue was 19.8 billion pounds, 16% higher than the previous year at actual exchange rates and 15% higher at constant currency. The increase in revenue was largely due to price increases across our businesses to mitigate high levels of inflation.

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