ABF Ingredients

08/07/2010 : ABF Interim Management Statement Q3 2010

Associated British Foods plc today issues its third quarter management statement, in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency rules, for the 40 weeks ended 19 June 2010.

Highlights

Group revenue from continuing operations year to date up 14%
Revenue momentum in first half continued in third quarter
Strong performance from Primark, sales year to date ahead 17%
Strong group cash flow sustained
Group trading outlook remains in line with expectations
Trading performance

Group revenue from continuing operations for the 40 weeks to 19 June 2010 was 14% ahead of the same period last year and in line with the growth reported at the half year. The weakness of sterling continued to benefit the translation of group revenues from continuing businesses which were 9% ahead at constant currency, again in line with the half year.

Trading performance
Group revenue from continuing operations for the 40 weeks to 19 June 2010 was 14% ahead of the same period last year and in line with the growth reported at the half year. The weakness of sterling continued to benefit the translation of group revenues from continuing businesses which were 9% ahead at constant currency, again in line with the half year.

Year-on-year increase in revenues:

	16 weeks to 19 June 2010	40 weeks to 19 June 2010
Sugar	44%	44%
Agriculture	6%	4%
Grocery	5%	4%
Ingredients	8%	7%
Retail	15%	17%
Total group (continuing operations)	13%	14%

Sugar
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

The UK business had an excellent campaign producing 1.3 million tonnes of sugar. Market supply has been tight during the period and prices have held up well. Profit benefited from these higher prices and volumes, together with better factory efficiencies, lower energy costs and a strong euro. In Spain, the first campaign for the Guadalete refinery was successfully completed with operational performance in line with expectations. Rainfall has been unseasonably high across the country, resulting in a reduced beet crop in the south and a lengthened campaign in the north. Both of these factors will have an adverse impact on the full year performance.

At Illovo, a long rainy season in most countries has impacted the new season start-up, but all operations are now running well and Zambia is operating close to its expanded capacity levels. Profit has been affected by the impact of a weakening of the currencies outside South Africa on the translation of results; the impact of lower world prices and the rand's strength on South African exports; and the effect of a weakening euro on exports to the European market. The Swaziland expansion and co-generation project is progressing well and is on target to be operational in the first half of 2011.

Local currency sugar prices in China have remained strong, despite the sharp fall in world market prices, as a result of strong local demand and a drought-affected crop. Sugar production is expected to be significantly lower than last year following the effect of drought on cane yields in the south and a smaller beet crop in the north, but a marked improvement in operating results is expected year-on-year.

Agriculture
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. Growth in speciality feeds and nutrition continues to exceed expectations. At Frontier, trading revenues returned to more normal levels following two years of exceptional market volatility.

Grocery
Grocery revenues in the quarter increased by 5% over last year and were 4% ahead year to date. In the US, Mazola volumes cumulatively remain ahead of last year with gross profit significantly ahead benefiting from the absence of losses on vegetable oil futures incurred last year. In Australia, a fall in commodity costs in the first half led to lower prices both in the bakery and meat businesses as the benefit was passed on to customers. This trend continued in the third quarter with lower sales revenues than last year as a result. Manufacturing efficiency improvements and new products launched in the first half resulted in improvement in profitability in the bakery business, but the competitive market conditions experienced by the meat business have continued with a consequent adverse impact on margins.

In the UK, Allied Bakeries traded strongly with the Kingsmill brand continuing to perform well. The retail environment remains hugely competitive and the level of promotional activity has been high. As a consequence, sales of branded products increased at the expense of own label brands.

Twinings Ovaltine has achieved good growth this year seeing a rebound from the weak consumer demand experienced last year. Twinings has continued to perform very well with higher volumes and strong pricing across a number of markets notably the UK and the US. Ovaltine also achieved good volume growth, particularly in its important Thailand market despite significant disruption there in recent months. Developing markets also continue to perform well. The restructuring of our global tea supply chain is on schedule and construction is now underway in both Poland and China.

Silver Spoon benefited from the full realisation of savings from last year's investment in packing rationalisation. Strong revenue growth was achieved by AB World Foods with the relaunch of the Patak's brand and through export sales. Jordans and Ryvita volumes improved during the quarter helped by well-timed promotional activities. Market conditions continue to be difficult for Westmill Foods with further declines in the Indian and Chinese restaurant sectors. However, by focusing on its brands and value propositions, profit remained ahead of last year.

Ingredients
Ingredients' revenues were 8% ahead in the quarter and 7% ahead in the year-to-date. This segment continues to benefit from the weakness of sterling, particularly against the Australian dollar, and at constant currencies revenue was ahead year-to-date by 4%. The yeast and bakery ingredients business continued to trade well with a strong sales performance 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.

Retail
Primark is having an excellent year with particularly strong trading in Spain and very encouraging progress made in its other continental European stores. 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. Operating margins for the second half of the year have been strong and the margin for the full year is now expected to be ahead of that achieved last year with the benefit from increased volumes more than offsetting higher freight charges and the effect of adverse currency movements on supply costs. At 19 June 2010 we were trading from 198 stores with 6.2 million sq ft of selling space. Since the half year we have opened new stores in Chester in the UK and Barcelona in Spain and completed the extension of our store in East Ham in London. Another five stores are now planned to open before the year end, two in Spain in Castellon and Elche, two in the UK in Bury and Blackburn and one in Killarney in Ireland.

Financial position
The significant improvement in cash flow achieved in the first half has been sustained with further progress made in working capital. As expected capital expenditure remains substantially ahead of last year but this increase is more than covered by the higher level of cash flow from operations. As a result, the cash flow before acquisitions and disposals is much stronger than last year and net debt has fallen from the half year position of £1,090m to somewhat below £1bn at 19 June 2010.

Trading outlook
Trading for the group since the half year remains on track to deliver very good progress in earnings for the full year.

For further enquiries please contact:
Associated British Foods
John Bason, Finance Director Tel: 020 7399 6500

Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Nicola Smith Tel: 020 7638 9571

14/01/2010 : ABF Interim Management Statement

Associated British Foods plc today issues its first quarter management statement, in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency rules, for the
16 weeks to 2 January 2010.

Highlights

Group revenue (continuing businesses) up 17%, up 11% at constant exchange rates
Trading ahead of expectations
Strong Primark performance, sales up 19%
Sale of Polish sugar business completed
Illovo rights issue reduces consolidated net debt by £115m

Trading performance
Group revenue from continuing businesses for the first 16 weeks was 17% ahead of the same period last year. Sterling weakness, particularly against the euro and the Australian dollar, contributed to this increase and at constant exchange rates revenue was up 11%.

16 weeks to 2 January 2010
Sugar	68%
Agriculture	4%
Grocery	4%
Ingredients	11%
Retail	19%
Total group (continuing operations)	17%

Sugar
Sugar revenues in continuing businesses, excluding results for Azucarera which was acquired in April 2009, were 23% ahead of last year. Including Azucarera revenues were ahead by 68%. The sale of the Polish sugar business was completed on 25 November 2009 and revenues from this business are excluded from the results of continuing businesses.

The UK business is having an excellent campaign with high beet yield per hectare and high sugar content in the beet giving rise to an estimated sugar production of some 1.3m tonnes. Profit benefited from higher volumes, better factory efficiencies and lower energy costs together with a strengthening of the euro. In Spain, sales volumes were ahead of expectations and the new refinery at Cadiz is operating well.

At Illovo, profitability was reduced by the weakening of the currencies outside South Africa, the strength of the rand on South African exports and extremely wet weather at the end of the season which reduced sugar production in South Africa and Zambia. However, Malawi and Mozambique experienced more favourable conditions and achieved good factory performances.

Local currency sugar prices in China have increased substantially and are now at record levels. Sugar production is expected to be lower than last year following the effect of drought on cane yields in the south and a smaller beet crop in the north. A significant improvement in results is expected year-on-year.

Agriculture
In Agriculture, UK feed revenues were ahead in all sectors except sugar beet feed which was affected by lower prices. Growth in speciality feeds exceeded expectations, enzyme sales were encouraging and a new feed mill was commissioned in China. Grain trading activity at Frontier was behind last year's exceptional level, with less volatility in the market.

Grocery
Grocery revenue was 4% ahead of last year and additionally, underlying profit margins were much improved. A strong performance by Twinings Ovaltine and the translation benefit of a strong Australian dollar more than offset revenue declines in consumer oils in North America and meat in Australia where lower prices followed commodity cost declines. The Twinings and Ovaltine brands achieved excellent revenue growth. In November we announced a proposed reorganisation of the Twinings manufacturing footprint which would result in a charge to adjusted operating profit of some £19m. Elsewhere in UK Grocery, revenues were broadly level with last year but profit margins were ahead reflecting the benefits of restructuring work undertaken last year.

In the US, Mazola volumes were higher than last year and margins improved. In Australia, baking profitability improved in an increasingly competitive market. Good progress was made with the construction of the Castlemaine meat factory. We announced the closure of the abattoir in Queensland, acquired with the KR Castlemaine business, and a provision of £10m for the cost of exiting this business will be charged in the income statement to loss on closure of a business.

Ingredients
Ingredients revenues were 11% ahead and at constant currency were 5% higher. The yeast and bakery ingredients business traded well with a particularly strong sales performance from the Americas. Profitability in ABF Ingredients benefited from better lactose prices in the speciality proteins business and from lower overhead costs.

Retail
Trading at Primark was strong and was ahead of our expectations. First quarter sales were 19% ahead of last year reflecting the increase in retail selling space and very good like-for-like sales growth, particularly in Spain and the UK, although sales in Ireland are seeing the effects of economic recession. At 2 January 2010 196 stores were trading with 6.1million sq ft of selling space. Since last year end we have opened 5 new stores: Cambridge and Wood Green in the UK, Frankfurt in Germany, Porto in Portugal and our first store in Belgium in Liege. We also reopened our store in Waterford in Ireland following a substantial extension. As expected, the gross margin has seen some reduction as a result of the higher cost of goods sourced in US dollars.

Financial position
Operating cashflow remained strong in the period with a lower working capital outflow than last year. As expected net debt benefited from the £115m proceeds of the Illovo rights issue that was completed early in this financial year, and remained below £1bn at 2 January 2010.

Trading outlook
Trading results for this period were very encouraging and ahead of our expectations. There remains some uncertainty over the pace of economic recovery and the outlook for the UK consumer. However, we expect good revenue growth and a significant increase in operating profit this year with the benefit of returns from our recent long-term investments and restructuring together with improvement in our Chinese and US businesses. Net financing costs will be higher but we are confident of good progress in earnings for the full year.

For further enquiries please contact:
Associated British Foods
John Bason, Finance Director
Tel:    020 7399 6500

Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Nicola Smith
Tel:    020 7638 9571

03/11/2009 : ABF 2009 Annual Results

Financial Highlights

Group revenue up 12% to £9.3bn
Adjusted operating profit up 8% to £720m*
Adjusted profit before tax up 4% to £655m**
Adjusted earnings per share up 5% to 57.7p**
Dividends per share up 4% to 21.0p
Net investment in capital expenditure and acquisitions less disposals of £832m
Net debt of £999m
Operating profit up 13% to £625m, profit before tax down 6% to £495m*** and basic earnings per share up 1% to 45.5p

George Weston, Chief Executive of Associated British Foods, said:

"We have consistently developed the group through investment and this year it enabled the delivery of good results in difficult economic times. The pace of development activity has increased and all our businesses are well equipped to deliver future growth."

* before amortisation of non-operating intangibles, profits less losses on the sale of property, plant & equipment, inventory fair value adjustment and exceptional items
** before amortisation of non-operating intangibles, profits less losses on the sale of property, plant & equipment, inventory fair value adjustment, profits less losses on the sale and closure of businesses and exceptional items
*** unadjusted profit before tax includes a £65m loss on the closure of businesses, principally the rationalisation of our US packaged oil business.

All adjustments to profit measures are shown on the face of the consolidated income
statement.

Jonathan Clare/Chris Barrie/Nicola Smith, Citigate Dewe Rogerson
Tel: 020 7638 9571

John Bason, Finance Director
Tel: 020 7399 6500

Click here to view the full release

04/08/2009 : AB Enzymes strengthens North American operations

AB Enzymes strengthens sales team and consolidates support functions in one location to enable superior service in the North American region

AB Enzymes has announced that as of August 1st 2009 the North American headquarters will move to Columbus, Ohio:

AB Enzymes North America Headquarters
501 West 1st Avenue
Columbus
OH 43215
US

Phone: 614-429-6464
Toll Free: 800-526-4547
Fax: 614-421-7996

The move is planned to support a strategic effort that AB Enzymes is currently undertaking to strengthen its presence in the region. As stated by Joerg Koehler, the newly appointed Sales Director for the Americas region: “The new location at the facilities of our sister company, ABITEC Corporation, will bring us a well equipped office environment and proximity to all relevant supporting functions. With Sales and Sales Support under one roof we have laid the foundation for our plans for accelerated growth and superior customer service in the North American region. In addition to the office move, and as part of our plans to strengthen our customer service, we are implementing a new structure for our North American sales organization, effective July 23rd, 2009.”

About AB Enzymes
AB Enzymes is one of the world’s leading suppliers of food enzymes with a long, rich history. The company, founded in 1907 by Dr. Otto Röhm, not only developed the first industrially used enzyme but also the first enzyme for the food industry 27 years later. Another 25 years on, the first baking enzyme and, in 1973, the first xylanase were launched on the market.

Today, AB Enzymes supplies its products to more than 50 countries on all five continents. The product assortment comprises around 70 products. Approximately 10 percent of the annual turnover is invested annually in research and development. The company employs highly qualified microbiologists, food chemists, biotechnologists and beverage technologists, all of whom work in AB Enzymes‘ own state-of-the-art laboratories.

AB Enzymes is part of the ABF Ingredients Group, a subsidiary of Associated British Foods (ABF).

For further information please contact Joerg Koehler via email joerg.koehler@abenzymes.com

09/07/2009 : ABF - Interim Management Statement

Group revenue from continuing operations year to date up 19%
Trading remains in line with expectations
Continued strong trading from Primark, sales year to date ahead 20%
Completion of Azucarera Ebro acquisition
Plan for Illovo rights issue announced

Trading performance
Group revenue for the 40 weeks to 20 June 2009 was 19% ahead of the same period last year after allowing for the exit from US commodity oils and the establishment of the Stratas joint venture. The weakness of sterling continued to benefit the translation of group revenues which were ahead 8% at constant currency. The food businesses also benefited from the flow-through of price increases, most of which were achieved in the first half of last year, and some volume growth. There was continued strong trading from Primark. Group revenue unadjusted for the impact of disposals was up 14% year to date.

Year-on-year increase in revenues:

	16 weeks to 20 June 2009	40 weeks to 20 June 2009
Sugar	19%	21%
Agriculture	12%	19%
Grocery	10%	17%
Ingredients	18%	22%
Retail	21%	20%
Total group (continuing operations)	15%	19%

Sugar revenues in the last 16 weeks were 19% ahead of last year. The acquisition of Azucarera Ebro, the leading sugar producer in Iberia, was completed on 30 April 2009. Excluding the sales of Azucarera, sugar revenues were 7% ahead driven by the growth in Illovo, especially following expansion of capacity in Zambia, and by the benefit of euro strength in our EU sugar businesses.

Following an excellent campaign, the UK business has continued to perform well. In China, volumes were lower than last year as a consequence of smaller crops in both the north and the south. Sugar prices have improved considerably since the half year but are still below last year's average.

Illovo's strong performance continued with sugar production ahead of last year; significantly so in Zambia but also in Malawi and Mozambique. Streamlining of the South African business continued with the sale of the Umfolozi mill and agreement to sell the Pongola mill. Illovo has announced its intention to raise capital to provide for its current and longer term growth plans. ABF has indicated a willingness to support an Illovo rights offer to its shareholders at or around the prevailing share price. Further information will be advised over the coming months.

Our agriculture businesses continued the strong performance delivered in the first half. Revenue growth of 12% in the third quarter was slower than that achieved in the first half reflecting lower prices for some of our commodity feeds. The specialist nutrition business performed well, supported by new product launches, and Frontier recorded another excellent result.

Grocery revenues in the quarter increased by 10% over last year. The 22% revenue increase in the first half was largely 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 performance of ACH in the US improved during the quarter. The contracts for high priced corn oil, which seriously impacted margins in the first half, have now been fully utilised and Mazola volumes and market share improved compared with the prior year with the benefit of lower selling prices. Significant progress was made with the integration of the foodservice, speciality food ingredient and retail private-label bottled oils businesses in Stratas. The ACH commodity oil processing facilities are planned to close by the end of the calendar year.

Revenues in Australia were ahead driven by price increases and the benefit of the KR Castlemaine meat business which was acquired in April 2008. There was some margin pressure in baking with consumers continuing to trade down.

Volumes at Allied Bakeries in the UK were impacted by the loss of low margin own-label and some branded business. However, profit was ahead in the quarter as margins increased with further improvement in the baking operations. Twinings Ovaltine continued in line with expectation particularly Ovaltine in Thailand and its developing markets. Everyday tea continued to see strong consumer demand but speciality teas and infusions in the UK experienced some reduction. Sugar pricing remained competitive in the UK retail market and Silver Spoon's margins remained below last year's level. The transfer of sugar packing from Newark to an expanded facility at Bury is on schedule to be completed in October. Trading remained difficult for Westmill Foods in the UK ethnic wholesale sector, although the rate of decline has slowed from earlier this year. Patak's and Blue Dragon delivered double digit revenue growth although margins continued to be impacted by the higher cost of imports.

Ingredients' revenue in the quarter was 18% ahead of last year and continued to benefit from the weakness of sterling against the US dollar and the euro. The yeast and bakery ingredients business of AB Mauri performed well, with good progress made in yeast in South America and in technical ingredients in the Americas, but with tough trading conditions experienced in India. We recently announced our intention to close our small yeast manufacturing facility in Ireland and transfer production to Hull in the UK with completion expected before the year end. We have now completed the sale of the Gilde Bakery Ingredients business in Iberia and our manufacturing plant in Portugal in accordance with the agreement reached with the EU Commission. Good sales growth continued at ABF Ingredients but its businesses experienced some pressure on margins. Expansion of the Chinese yeast plant in Harbin and the construction of an adjoining yeast extracts facility are on schedule, with commissioning planned for the end of this calendar year.

Sales at Primark since the half year were 21% ahead of last year bringing the year to date increase to 20%. This reflected the increase in retail selling space and excellent like-for-like sales growth despite trading conditions in UK clothing retailing remaining difficult. At 20 June 2009 we were trading from 190 stores with 5.7million sq ft of selling space. Since the half year we have opened our first stores in Germany, in Bremen, and Portugal, in Lisbon. A new store was opened in Barcelona in June bringing the number of stores in Spain to 13, and a new store in Tooting in the UK replaced our former small store there. We expect to open a new store in Bristol before the year end replacing one of the first Primark stores to open in the UK in 1974.

The good progress made in working capital management in the first half has been sustained, with the smaller working capital outflow more than covering the increased level of capital expenditure this year compared to last year. As a result, the cash outflow before acquisitions and disposals is lower than last year. However, net debt has increased since the half year following the Azucarera Ebro acquisition.

Trading outlook
Trading for the group since the half year remains on track to deliver 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.

For further enquiries please contact:
Associated British Foods
John Bason, Finance Director
Tel:    020 7399 6500

Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Dean
Tel:    020 7638 9571

27/05/2009 : ABF Ingredients merge Protient Inc. and PGP International

ABF Ingredients, a Division of Associated British Foods plc today announced the merger of two of its US business units. Effective immediately Protient Inc., headquartered in Roseville, Minnesota, US will merge with PGP International, headquartered in Woodland, California, US. Zachary S. Wochok, CEO of PGP International will head the combined business which will operate under the PGP International name.

Stephen Catling, CEO of the ABF Ingredients Group, said "Following a review of various operating options, market strategies and customer commonalities it was clear that bringing these two business units into a closer working relationship would prove to be a significant next step in expanding our North American based value-added ingredients platform. PGP International's proven expertise in leading edge product development and applications - serving the sport nutrition, cereal and bar markets, combined with the dairy protein expertise of Protient will be a foundation from which we will grow and expand our capabilities to better serve our customers."

The addition of a high value portfolio of specialty whey protein isolates and hydrolysates both complements and strengthens PGP International's position as a market leader in ingredient based solutions. The company's product portfolio already includes grains, flours, extruded ingredients, beverage bases and specialty lipid products.

Zachary Wochok added, "PGP International recently expanded its product portfolio with the addition of its' sister company, Ohly America's, product Nutri Sperse®, a line of oil-based trans-free nutritional powders, and ABITEC's medium chain triglycerides (MCT) for the food and beverage industries. These new products together with the dairy based proteins from Protient will provide PGP International the opportunity to present a broad array of specialty ingredients to a larger domestic and international customer base."

Today's announcement follows recent press releases involving these two companies; the acquisition of Riverbend Rice, Colusa, California, US by PGP International , the expansion of the whey processing facility in Juda, Wisconsin, US and the commissioning of a new state of the art Technical Center in Eagan, Minnesota, US by Protient Inc.

The merger is expected to take a few months to fully complete, but the company is quick to point out that it will be "business as usual" for customers and suppliers of the two companies during the transition period. The announcement does not affect the continuing operations at any of the PGP International or Protient manufacturing sites.

"We look forward to providing our customers, in the nutritional/sports bar, snack and beverage markets with novel new products and enhanced services as a result." concluded Catling.

About the companies:

PGP International is a leading player in the manufacture and supply of extruded ingredients, rice flour and rice blends to the confectionery, cereal bar and nutrition markets both in the US and selected export markets with manufacturing sites in Woodland and Colusa, California US.

Protient, Inc. is a leading manufacturer of dairy ingredients, specializing in dairy proteins for the food, dairy, health and sport nutrition markets. It has manufacturing sites in Juda, Wisconsin, Norfolk, Nebraska and Springfield, Missouri, US with a Technology Center in Eagan, Minnesota and its corporate office in St. Paul, Minnesota.

Together PGP International and Protient Inc. are part of the ABF Ingredients group, which as a division of Associated British Foods focuses on high value ingredients for food and non-food applications. It comprises a range of ingredient companies that also includes AB Enzymes, ABITEC, and Ohly.

The ABF Ingredients group has established strong market positions in cereal specialties, emulsifiers, enzymes, esters, extruded ingredients, lactose, specialty lipids, specialty powders, specialty flours, yeast extracts, whey protein concentrates and isolates, milk protein concentrates and isolates with worldwide locations.

For further information regarding this release please use the following contacts:

US: Zachary Wochok, toll free 800 333 0110 or +1 530-662-5056
Europe and ROW: Stephen Catling + 44 1733 427819

27/05/2009 : Ohly to open Food Application Centre and Sales Office in Shanghai

Ohly is pleased to announce the opening of its new Food application centre and sales office in Shanghai. This follows previous press releases regarding Ohly's commitment to China, namely the building of a yeast extract plant in Acheng, Harbin.

The application centre will offer support in Food application work and to our sales organisation in China and Asia and will work in close collaboration with customers. In addition it is going to develop and provide new savoury ingredient solutions to the changing market demands. Capabilities include a sensory lab, processing room, sample storage and preparation area, all run by well experienced staff.

The application centre in Shanghai is Ohly's third worldwide and it will work in close co-operation with our Research and application centres in Boyceville, Wisconsin, US and in Hamburg, Germany.

With the application centre in Shanghai and the upcoming plant in Acheng, Ohly is now geographically closer to its Asian customers thus improving local services. It will enable Ohly to offer products and services that better meet local customer demands.

Though acting globally in sales and having three production sites in the US and Germany, Ohly previously had no base in China. ‘It is an exciting time for all of us and we are confident that we can offer interesting solutions to the local food and fermentation industries', said Rainer Huettermann, Global Sales Director of Ohly.

The Yeast Extracts plant in Acheng, Harbin is expected to be on stream end of 2009 and will be equipped with the latest technology. The plant will produce upwards of 15,000 tonnes of Yeast Extracts for the food and fermentation markets.

About Ohly

Ohly is one of the world's leading suppliers of yeast extracts, yeast based flavours and specialty powders for the food, biotechnology, health and animal feed markets globally. Ohly is part of the ABF Ingredients group, who focus on high value ingredients in food and non-food applications.

For further information please contact Carolin Föhlisch, Marketing Manager, Ohly, via email: c.foehlisch@ohly.de

21/04/2009 : ABF Interim Results

A reassuring set of results

Highlights

Group revenue up 18% to £4,374m
Adjusted operating profit level at £297m*
Adjusted profit before tax down 2% to £275m **
Adjusted earnings per share level at 25.2p **
Dividends per share up 2% to 6.9p
Net capital investment of £272m
Net debt of £1,143m
Operating profit down 7% to £260m, profit before tax down 33% to £178m and basic earnings per share down 31% to 17.6p reflecting a charge for the sale and closure of two US businesses

George Weston, Chief Executive of Associated British Foods, said:

"This is a reassuring set of results achieved in a difficult economic environment. Strong profit growth was delivered by Sugar and Primark but Grocery was adversely affected by high priced contracts in US corn oil. Good progress was made with the capital investment programme which will be a major contributor to our future growth."

* before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items
** before amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items

All figures stated after amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items are shown on the face of the consolidated income statement.

For further information please contact:

Associated British Foods:
Until 15.00 only
George Weston, Chief Executive
John Bason, Finance Director
Tel: 020 7638 9571

Jonathan Clare/Chris Barrie/Hannah Seward, Citigate Dewe Rogerson
Tel: 020 7638 9571

After 15.00
John Bason, Finance Director
Tel: 020 7399 6500

Click here to view the full press release

23/02/2009 : Associated British Foods plc - Pre Close Period Trading Update

Associated British Foods plc issues the following update prior to entering the close period for its interim results to 28 February 2009, which are scheduled to be announced on 21 April 2009.

The interim results will show good growth in Sugar and Ingredients with a better than forecast result in Agriculture. Primark will again deliver excellent results. Grocery will show a decline on last year with a substantial margin reduction at ACH and the impact of consumer downtrading on a number of our businesses more than offsetting good performances by Twinings Ovaltine and Allied Bakeries.

Adjusted operating profit for the group for the half year will be slightly lower than last year. For the full year, as previously highlighted, we have budgeted for little change in adjusted earnings over the previous year and still expect this to be the case.

The income statement will include a loss on disposal of businesses of some £60m which is excluded from adjusted earnings per share. This charge reflects the closure of ACH's main commodity oil processing plants following the creation of the packaged oils joint venture with ADM in North America and the closure of the loss-making milk protein factory in Norfolk, Nebraska. Of this £60m, asset write-downs will amount to £43m and the cash cost of these closures is expected to be £17m.

Cashflow and funding
Net debt for the group is expected to be in line with forecast at the half year. Although capital expenditure was higher than last year, better than forecast working capital performance will result in an improvement in operating cashflow for the period. The positive impact of this on net debt will be offset by the effect of currency translation on US dollar and euro denominated borrowings.

In early March we expect to complete a private placement of senior notes to a number of UK and US institutional lenders. This issue will add to the financial strength and flexibility of the group. It will provide funds in addition to our existing committed bank facilities and will have the effect of diversifying our sources of funding and lengthening our debt maturity profile. The funding will raise some $600m with an average maturity of 6.7 years. The fixed interest coupon on these notes will be higher than the current variable interest rate on bank borrowings and will increase the group's interest expense in the second half.

Sugar & Agriculture
Profit from Sugar will be ahead of last year with progress from our European businesses and Illovo more than offsetting a decline in China.

In the EU, the UK business has had an excellent campaign and the sugar crop, estimated at 1.2 million tonnes, is higher than expected. The operations set new performance records and profit benefited from a much lower net energy cost. The Glinojeck factory in Poland again performed well but total production was lower than last year at 165,000 tonnes with disappointing beet yields. Both businesses benefited from the strength of the euro and firmer pricing than expected. On 15 December 2008, agreement was reached with Ebro Puleva S.A. to acquire the leading sugar producer in Iberia, Azucarera Ebro, for €385m. Completion of the transaction is subject to regulatory approval and is likely to occur this spring. Early estimates of the fair value accounting for inventory on acquisition indicate an adverse, non-cash, adjustment of some £20m which will be excluded from adjusted operating profit. The acquisition is expected to be earnings accretive for the group in the 2010 financial year.

Illovo's profit increased again in the period. Sugar volumes this season are lower than anticipated following dry spells particularly in South Africa and Tanzania. The second phase of capacity expansion in Zambia is progressing to plan.

Profitability in China will be significantly reduced by much weaker sugar prices resulting from the high level of sugar stocks in the industry that were brought forward from last year's record crop. This year's crop is likely to be more in line with the average and recently the price has firmed slightly. The sugar business in the north east has been further affected by a smaller beet crop and lower sugar extraction. The first major capacity expansion for beet, at the Yi'an factory, was successfully commissioned in late December.

Our agriculture businesses had a strong half year with higher prices, recovering higher input costs, and increased demand for specialist nutrition products. Improvement continued in feed enzymes and Frontier achieved good trading margins, a little below the exceptional level achieved last year but better than expected.

Grocery
Grocery profits in the first half will be lower than last year. A substantially lower profit at ACH and declines in Silver Spoon and George Weston Foods in Australia will outweigh progress elsewhere.

Allied Bakeries has continued to trade well with higher branded volumes and an improvement in profit. In Australia, bakery margins have been impacted by consumers switching from premium branded to own-label products and the integration of the KR Castlemaine meat business is progressing to plan. Profits at Twinings Ovaltine improved again with strong growth from Ovaltine in developing countries but a slowing of the rate of growth of premium teas, particularly in the UK and US. Price competition has reduced margins at Silver Spoon and sales volumes of breakfast cereals are lower than last year. The merger of Ryvita and Jordans is progressing to plan.

ACH has been impacted by weaker sales to the foodservice sector, lower volumes of Mazola, the selling price of which was increased significantly during 2008, and by taking long positions in vegetable oil futures at values well above the current market, but which have largely been exhausted in the first half. Profit at the half year will be substantially lower than last year but some recovery is expected in the second half.

On 28 October 2008 agreement was reached with Archer Daniels Midland Company, ADM, on the creation of Stratas Foods, a 50% joint venture for the manufacture, marketing and distribution of packaged oil products in the US and Canada. It will build on the sales and marketing expertise of ACH and the origination and processing capabilities of ADM. A provision for the costs of the closure of ACH's main commodity oil processing plants will be made at the half year. It will be accounted for as a loss on disposal of businesses and will therefore not affect adjusted earnings per share.

Ingredients
Our Ingredients businesses are almost entirely located outside the UK and the translated results have benefited significantly from the weakness of sterling against the US dollar and the euro.

At constant currency, the yeast and bakery ingredients businesses of AB Mauri made good progress in the half year. Yeast in Europe and South America benefited from increased volumes and prices, North America had particular success with its technical ingredients but yeast volumes were softer in China and India. In ABF Ingredients, growth in enzymes has continued and the increased production capacity in Finland is expected to be fully operational in the spring. Speciality whey proteins were further impacted by margin compression.

Retail
Trading at Primark has been strong and over Christmas was ahead of our expectations. Sales in the first half were substantially ahead of last year reflecting the increase in retail selling space and a 5% increase in like-for-like sales. As expected, the cost of the new distribution centre at Thrapston in the UK, which has been in operation throughout this period, increased fixed overheads and will be reflected in a lower operating profit margin.

At the end of February we will be operating from 187 stores and 5.6 million sq ft of selling space. Since last year end we have opened six new stores: Oviedo, La Coruna and La Gavia (Madrid), bringing the number of stores in Spain to 12, High Wycombe and Corby in the UK and our first store in the Netherlands, in Rotterdam. Initial trading in Rotterdam has been very encouraging. We expect to open a further seven stores in the second half, in Bristol, Cambridge and a resite in Tooting in the UK, two stores in Spain and our first stores in Germany and Portugal, in Bremen and Lisbon respectively.

For further enquiries please contact:
Associated British Foods
John Bason, Finance Director                           Tel: 020 7399 6500

Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Seward    Tel: 020 7638 9571

15/01/2009 : ABF Interim Management Statement

Associated British Foods plc today issues its first quarter management statement, in accordance with the requirements of the UK Listing Authority’s Disclosure and Transparency rules, for the 16 weeks to 3 January 2009.

Highlights

Group revenue up 21%, up 15% at constant exchange rates in line with expectations
Strong Primark performance, sales ahead 18%
Acquisition of Azucarera Ebro
Formation in the US of Stratas Foods joint venture

Trading performance
Group revenue for the first 16 weeks was 21% ahead of the same period last year. The weakness of sterling, particularly against the euro and US dollar, has been a major feature of the period with the main beneficiaries of currency translation being Grocery and Ingredients. The group revenue increase was 15% on a constant currency basis reflecting, in part, the flow-through of higher prices to recover input cost inflation last year.

Sugar revenues were 20% ahead of last year driven by strong performances from British Sugar in the UK and Illovo. The UK business has had an excellent campaign and benefited from a much lower net energy cost. Both the UK and Poland have also benefited from the strength of the euro and firmer pricing than expected. Illovo’s profit increased again in the period but sugar volumes were lower than anticipated. The second phase of capacity expansion in Zambia is progressing to plan.

Profitability in China will be significantly reduced by much weaker sugar prices resulting from over-supply in the domestic market. The beet sugar business in the north east has been further affected by a smaller crop and lower sugar extraction. However, the first major capacity expansion for beet, at the Yi’an factory, was successfully commissioned in late December.

On 15 December 2008, agreement was reached with Ebro Puleva S.A. to acquire the leading sugar producer in Iberia, Azucarera Ebro, for a value of €385m. Completion of the transaction is subject to regulatory approval and is likely to occur in the spring. Following its agreement to renounce permanently some of its quota from October 2009, it will process beet at three factories in northern Spain and a factory at Guadalete, near the port of Cadiz, in southern Spain. To supplement the reduced beet quota, a cane refinery is being built at Guadalete which will have a capacity of 400,000 tonnes of sugar and is expected to start operations later this year. The refinery will process cane raws which will be supplied mainly by Illovo Sugar. Pro-forma results for the business acquired were revenue of €586m and operating profit of €44m for the year ended 31 December 2007. Fair value accounting for inventory on acquisition will result in a small reported operating loss for this business in the current financial year but the acquisition is expected to be earnings accretive for the group in the 2010 financial year.

Our agriculture businesses made a strong start to the year with revenue up 26% driven by higher prices, recovering higher input costs, and increased demand for specialist nutrition products. Improvement continued in feed enzymes. Frontier achieved good trading margins although, as expected, below the exceptional level achieved last year.

Grocery revenue was 21% ahead driven by the benefits of favourable translation of the US and Australian businesses, the flow-through of higher prices and the acquisition of Jordans. Allied Bakeries has continued to trade well with an improvement in profit. In Australia, bakery margins have been impacted by consumers switching from premium branded to own-label products but the integration of the KR Castlemaine meat business is progressing in line with expectation. The profit outlook for Twinings Ovaltine remains unchanged but the rate of growth of premium teas, particularly in the UK and US, has slowed.

Lower consumer demand has resulted in weaker sales to the foodservice sector, particularly in the US and to ethnic restaurants in the UK. ACH has been further impacted by lower volumes of Mazola, the selling price of which increased significantly during 2008, and by long positions in vegetable oil futures at values above the current market. These futures will have matured within the next few weeks but profits at ACH at the half year will be substantially lower than last year. At Silver Spoon price competition has impacted margins. Sales volumes of breakfast cereals are lower than last year but the merger of Ryvita and Jordans is progressing to plan.

On 28 October 2008 agreement was reached with Archer Daniels Midland Company, ADM, the global agricultural processor, on the creation of Stratas Foods, a joint venture for the manufacture, marketing and distribution of packaged oil products in the US and Canada. ABF and ADM each hold a 50% share. It will build on the sales and marketing expertise of ACH and the origination and processing capabilities of ADM. The closure of ACH’s main processing plants was announced in December with production transferring to the ADM facilities in the joint venture during 2009. A provision of some £50m for the asset write-down and cash expenses of closure, will be made at the half year, accounted for as a loss on disposal of businesses, and will therefore not affect adjusted earnings per share.

Our Ingredients businesses are almost entirely located outside the UK and the translated results have benefited significantly from the weakness of sterling against the US dollar and the euro. Revenue was 25% ahead but at constant currency was only 8% higher. Our yeast and bakery ingredients business is trading well with higher volumes and improved pricing.

Trading at Primark was strong and over Christmas was ahead of our expectations. Sales were 18% ahead of last year reflecting the increase in retail selling space and very good like-for-like sales growth. At 3 January 2009 there were 187 stores with 5.6 million sq ft of selling space. Since last year end we have opened six new stores: Oviedo, La Coruna and La Gavia (Madrid), bringing the number of stores in Spain to 12, High Wycombe and Corby in the UK and our first store in the Netherlands, in Rotterdam. Initial trading in Rotterdam has been very encouraging. As expected, fixed overheads have increased by the cost of the new distribution centre at Thrapston in the UK which has been operational during this period.

Cashflow for the period benefited from better than forecast working capital and lower capital expenditure, although capital expenditure remained higher than last year. This had a positive impact on the group’s net debt but the effect of currency translation on the US dollar and euro denominated borrowings resulted in slightly higher sterling net debt at 3 January 2009 than forecast.

Trading outlook
As previously highlighted, the group will not be immune from the worsening economic climate and particularly the pressure on consumer spending. We have budgeted for little change in net earnings for the full year and still anticipate results in line with that expectation.

For further information please contact:

Associated British Foods:
John Bason, Finance Director
Tel: 020 7399 6500

Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Seward
Tel: 020 7638 9571

05/11/2008 : Associated British Foods plc results for year ended 13 September 2008

ABF demonstrates resilience with good results and continuing strong investment

Financial Highlights

Group revenue up 21% to £8.2bn
Adjusted operating profit up 7% to £664m*
Adjusted profit before tax up 3% to £632m**
Adjusted earnings per share up 4% to 54.9p**
Dividends per share up 4% to 20.25p
Net investment in capital expenditure and acquisitions of £710m
Net debt of £791m
Operating profit level at £554m, profit before tax up 4% to £527m and basic earnings per share down 3% to 45.2p

George Weston, Chief Executive of Associated British Foods, said:

"These good results demonstrate the resilience of the group. Consumer spending in many parts of the world has been under pressure for some months. Despite this, Grocery, Agriculture and Primark all delivered strong sales and profit growth. While faced with a general economic downturn, we remain committed to the group's expansion and development, most notably in Sugar and Primark."

*	before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items
**	before amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items
	All figures stated after amortisation of non-operating intangibles, profits less losses on the sale of PP&E, losses on the sale and closure of businesses and exceptional items, are shown on the face of the consolidated income statement.

For further information please contact:

Associated British Foods:

Until 15.00 only

George Weston, Chief Executive
John Bason, Finance Director
Tel: 020 7638 9571

Geoff Lancaster, Head of External Affairs
Mobile: 07860 562 659

Jonathan Clare/Chris Barrie/Hannah Seward, Citigate Dewe Rogerson
Tel: 020 7638 9571

After 15.00

John Bason, Finance Director
Tel: 020 7399 6500

Notes to Editors

1.	Associated British Foods is a diversified international food, ingredients and retail group with sales of £8.2bn and 96,000 employees in 44 countries. It has significant businesses outside Europe in southern Africa, the Americas, China and Australia. Our aim is to achieve strong, sustainable leadership positions in markets that offer potential for profitable growth. We look to achieve this through a combination of growth of existing businesses, acquisition of complementary new businesses and achievement of high levels of operating efficiency.
2.	The group has strong positions in the markets in which it operates:
	Sugar	The group is the second largest sugar producer in the world. British Sugar is Europe's most efficient producer and the sole processor of the UK beet sugar crop. It has adapted to the structural changes in world sugar production and has strong positions in southern Africa, China and Poland. Illovo is the largest sugar processor in Africa and one of the world's leading, low-cost producers.
	Agriculture	AB Agri sells animal feeds and micro-ingredients to farmers and purchases grain and oilseeds from them. It has facilities in the UK and China and markets products in 40 countries worldwide.
	Retail	Primark is a fast-growing, major, value clothing retail group employing over 25,500 people. It now has 181 stores in the UK, Ireland and Spain.
	Grocery	The international hot beverages business comprises Twinings, the world's leader in speciality teas and infusions, and Ovaltine, the largest producer of malt-based beverages in Europe and Thailand. The UK's leading, authentic Indian cuisine brand, Patak's, has been combined with our pan-oriental foods brand, Blue Dragon, to create a retail ‘world foods' business. This is complemented by Westmill Foods' leading presence in the supply of ethnic foods to the UK ethnic wholesale channel. In the growing ‘better for you' category, Ryvita and Jordans have developed a strong position in healthy snacking. Allied Bakeries is a leading UK bread supplier with the well known brands: Kingsmill, Burgen, Allinson and Sunblest. George Weston Foods is Australia's second largest grocery company whose wide range of grocery brands includes Tip Top and Noble Rise bakery products and Don, KR Castlemaine and Watsonia smallgoods. ACH has a strong portfolio of grocery brands in the Americas. Mazola is the leading corn oil in the US and Capullo the leading premium vegetable oil in Mexico. ACH also has strong positions in herbs and spices, sauces, corn syrup, starch and yeast for home baking.
	Ingredients	AB Mauri has a global presence in bakers' yeast, with significant market positions in the Americas, Europe and Asia, and is a technology leader in bakery ingredients. It operates from 43 plants in 28 countries. ABF Ingredients manufactures speciality proteins, enzymes, lipid technologies and polyols.
3.	We continue to invest heavily in the future growth of the group. Net capital expenditure in the year of £545m included £152m on the acquisition and fit out of new stores for Primark and £49m for the purchase of sugar quota in the UK and Poland, negotiated in 2006. Elsewhere, major projects are underway in the expansion of our sugar operations in southern Africa and China, bioethanol production in the UK, yeast and yeast extract production in China and enzyme capacity in Finland. Acquisition spend of £224m related mainly to the Italian and German yeast businesses of Gilde Bakery Ingredients for AB Mauri, beet sugar factories in north east China and KR Castlemaine in Australia.

Click here to view the full release

06/10/2008 : Pre Close Period Trading Update

In our interim management statement issued on 10 July 2008 we reported that trading for the group since the half year had been in line with our expectations. This has continued to be the case. Progress in adjusted earnings per share is expected for the full year. Good growth in adjusted operating profit driven by Primark, Grocery and Agriculture will more than offset the previously highlighted decline in profit from our EU sugar operations and the higher interest charge which is a consequence of higher average net debt for the group.

The income statement will include the following pre-tax exceptional items. The full permanent renunciation of sugar quota for the UK and Poland, agreed with the European Commission as part of the final phase of the EU regime reform, was 206,000 tonnes. Compensation receivable, net of the write-off of the unamortised cost of quota purchased in 2006 and factory closure costs, will be a gain of £23m. The proposed rationalisation of our Australian meat operations was announced in July and will require a charge of some £70m. The tax effect of these items will be treated as exceptional and, following a change of tax law in the UK Finance Act 2008 which will phase out Industrial Buildings Allowances, a further exceptional tax charge, currently estimated at £17m, will be made to reflect the consequential increase in deferred tax.

Expenditure on acquisitions in the year will amount to some £225m primarily comprising the Italian and German yeast businesses of Gilde Bakery Ingredients for AB Mauri, beet sugar factories in north east China and KR Castlemaine in Australia. Proceeds from the disposal of our former German yeast business and the UK emulsifier business amounted to £54m.

Net debt for the group at the year end will be substantially higher than last year. This will reflect the continued significant level of capital investment to develop opportunities in our existing businesses, many of which are of a long-term nature, the acquisition of new businesses and the impact of much higher commodity prices on working capital.

Sugar & Agriculture
As expected Sugar profit will be substantially lower than last year. This is primarily the consequence of reform of the EU sugar regime but also reflects depressed sugar prices in China as a result of a record crop. Illovo has continued to trade well with an expectation of higher volumes and the benefit of higher domestic and world sugar prices.

The European Commission has confirmed that it has virtually achieved its target for reduction in EU sugar production for the marketing year starting October 2008. The final reform changes to sugar reference price, levies, beet prices and access for Least Developed Countries will become effective in October 2009 and have already been announced. The challenge for the industry looking forward is the recovery of high input costs including energy and beet.

Progress is being made in the development of the beet business in north east China and the expansion projects in Illovo.

Agriculture continued the excellent performance delivered in the first half. UK animal feeds performed well and Frontier's strong position in grain trading and increased demand for farm inputs drove further sales growth.

Grocery
Growth in Grocery revenue and profit was strong in the second half. There was further improvement from Allied Bakeries and some recovery at ACH, our North American vegetable oil and consumer products business. Price increases have recovered commodity cost inflation but substantial increases in energy prices remain a feature of the current trading environment. Revenue growth was driven by these price increases and by higher volumes.

At ACH, margins were impacted in the first half by the delayed recovery of sharp increases in the cost of corn, soy and canola oils. The second half benefited from price increases to recover not only the higher costs in the first half but also the continued inflation experienced since the half year.

The merger of Ryvita and Jordans was completed on 29 August and we have a 62% interest in the combined business. Integration of these businesses is now underway.

In Australia, the acquisition of KR Castlemaine, a leading meat and smallgoods manufacturer, was completed at the end of March. The proposed closure of our existing meat factories in Perth and Melbourne in 2009 and 2010 was announced in July. Production will be transferred into the newly-acquired, low-cost factory at Castlemaine which will be expanded to accommodate the higher volume. The charge for rationalisation is expected to be some £70m, of which £20m is attributable to the write-off of fixed assets, all of which will be treated as exceptional in the income statement this year.

Ingredients
The progress reported in the third quarter management statement is expected to continue with some margin pressure from higher raw material and energy costs. The capacity expansions for yeast, yeast extracts and enzymes are on track. We completed the sale of our small UK-based emulsifier business in August.

Retail
Sales and profit at Primark will again be well ahead of last year. We expect to have opened eight stores in the second half of the year with five in Spain and three in the UK bringing the total to 181 stores. We will be trading from 5.4 million sq ft of selling space which is an increase of 8% over the period. Like-for-like sales growth of 2% is expected in the second half despite the weak trading in April when poor weather this year contrasted with warm weather and the benefit of Easter trading in the comparative period last year. Our Spanish stores have performed well. Operating profit margin is expected to be broadly in line with last year. As a consequence of continuing growth, we will have opened a major new distribution centre at Thrapston, Northamptonshire by the end of the financial year. This will increase our UK capacity by some 50%.

For further enquiries please contact:

Associated British Foods
John Bason, Finance Director	Tel: 020 7399 6500
Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Seward	Tel: 020 7638 9571

10/07/2008 : ABF - Interim Management Statement

Third quarter highlights

Group revenue up 19%
Announcement of proposed merger of Jordans and Ryvita
Acquisition of KR Castlemaine in Australia
Primark expansion in Spain

Trading performance
Group revenue for the 40 weeks to 21 June 2008 was 19% ahead of the same period last year driven by strong growth from each of Primark, Agriculture, Grocery and Ingredients.

Year on year increase in revenues:

	16 weeks to 21 June 2008	40 weeks to 21 June 2008
Sugar	21%	5%
Agriculture	42%	30%
Grocery	30%	22%
Ingredients	18%	18%
Retail	14%	20%
Total group	24%	19%

Sugar revenues since the half year were 21% ahead of last year with the benefit of the development of the new beet sugar business in north east China. Profit comparisons with the prior year will continue to be impacted by EU regime reform although currency will have a positive effect this year with the continued strength of the euro against sterling only partly offset by its weakening against the zloty. Since the half year the European Commission has confirmed that a total of 5.65 million tonnes of quota for sugar, inulin and isoglucose has been permanently renounced across the EU. Almost all of this reduction is effective from October 2008 and appears to have achieved a balance between consumption and supply of sugar within the EU. We have been successful in our application to renounce permanently a further 15,000 tonnes of sugar quota in Poland as part of the second phase of reform and the additional compensation receivable of £6m will be reported as an exceptional credit in the income statement.

In China, sugar prices have been lower as a result of a good crop, despite earlier fears of frost damage to the cane in the south, and profits have been reduced. Construction of the Jianchengjiang mill in Guangxi is well underway and is due to be completed by the end of this calendar year. Reconstruction of the beet factory at Yi'an in north east China is also underway. Illovo has traded well and has benefited from higher world sugar prices but the weakness of the rand will impact group profits on translation. Completion of the first phase of the mill expansion in Zambia was delayed by poor weather during construction, but it is now operational.

Our agriculture businesses continued the strong performance delivered in the first half. Frontier's strong position in grain trading and increased demand for farm inputs drove further sales growth and UK animal feeds performed well.

Grocery revenues since the half year were strongly ahead of last year primarily driven by price increases across the business, which successfully recovered input cost inflation, but also by volume increases and the acquisition of Patak's. Twinings Ovaltine and the new World Foods business performed strongly. Profit at ACH was impacted by reduced volumes and margins resulting from the ongoing high cost of corn, soy and canola oils. Allied Bakeries in the UK continued its recovery with higher volumes and improved operational performance and pricing.

We announced the merger of Ryvita with Jordans the UK breakfast cereal and cereal bar business. ABF will have a 62% interest in the new business. The merger, which is expected to complete before the year end, will create a leading position for the supply of products to meet the increasing consumer demand for natural ingredients and healthy eating. Some cost savings will be achieved and both brands will be developed. The increased scale will enable a greater impact in all sales channels, particularly in convenience and impulse, and faster overseas expansion of the Jordans brand using the group's international grocery presence.

In Australia, the acquisition of KR Castlemaine, a leading meat and smallgoods manufacturer, was completed at the end of March. The acquired business brings a modern low cost factory at Castlemaine, Victoria and the regional KR brand. Combined with our existing meat business, this will provide an opportunity to drive efficiencies and enable a greater focus on product innovation.

Ingredients revenue was 18% ahead, with trading in line with expectations. Considerable upward pressure on raw material costs, including molasses and other ingredients, has been experienced and higher energy costs will impact margins in the second half.

Sales at Primark since the half year were 14% ahead of last year reflecting the increase in retail selling space. Against a deteriorating consumer background, Primark's trading in the third quarter was resilient although like-for-like sales growth was held back by weak trading in April when poor weather this year contrasted with warm weather and the benefit of Easter trading in the comparative period last year. At 21 June 2008 we were trading from 179 stores with 5.2 million sq ft of selling space. Since the half year we have opened new stores in Bilbao, Oviedo and two more stores in Madrid, bringing the total in Spain to eight. New stores have also been opened in Basingstoke and Ealing in the UK. A further two stores are planned to open in Spain and one in Derby in the UK by the year end. As a consequence of continued growth, options are being evaluated for an increase in warehouse capacity in the UK and Ireland.

Cash flow for the year to date and the group's net debt reflect the impact of high commodity prices and continued substantial capital investment. Working capital levels continue to be substantially ahead of last year as a result of higher commodity costs and the impact of acquisitions.

Trading outlook
Trading for the group since the half year has been in line with our expectations. Continued high commodity costs and substantial increases in energy prices are a significant feature of the trading environment. Difficult economic conditions are having an impact on consumer demand. Nevertheless, with the exception of Sugar where, for well documented reasons, profit will fall short of last year, we continue to expect profit in the rest of the group to show progress in the second half.

For further information please contact:

Associated British Foods:
John Bason, Finance Director
Tel: 020 7399 6500

Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Seward
Tel: 020 7638 9571

07/05/2008 : ABF Interim results period ended 1 March 2008

Earnings growth of 8% and further substantial investment at ABF

Highlights

Group revenue up 15% to £3,706m
Adjusted operating profit up 9% to £296m*
Adjusted profit before tax up 5% to £282m **
Adjusted earnings per share up 8% to 25.2p **
Interim dividend per share up 4% to 6.75p
Net investment in capital and acquisitions of £363m
Net debt of £848m
Operating profit up 17% to £281m, profit before tax up 35% to £267m and basic earnings per share up 33% to 25.6p

George Weston, Chief Executive of Associated British Foods, said:

"These good results demonstrate that the group remains on track with strong growth from Grocery, Ingredients and Agriculture and another excellent performance from Primark. The development of our businesses continued apace, most notably with further substantial investment in Sugar and expansion at Primark.."

* before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items
**before amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items

Click here to view the full release

26/02/2008 : ABF Pre Close Trading Update

Associated British Foods plc issues the following update prior to entering the close period for its interim results to 1 March 2008, which are scheduled to be announced on 22 April 2008.

In our interim management statement issued on 17 January 2008 we reported that trading in the first 16 weeks had been fully up to our expectations. This trend has continued and our interim results will show good growth in the group's adjusted operating profit over the same period last year. Strong growth in Agriculture, Grocery and Primark more than offset the expected, and previously reported, decline in Sugar.

Recent investments, higher working capital and higher interest rates have increased the group's net financing costs. However, this impact will be largely offset by the lower underlying tax rate of 25% compared with 27% in the first half last year. Adjusted earnings will show good progress.

The income statement will include an exceptional gain of £16m following our decision to renounce permanently sugar quota in the UK and Poland. This comprises the compensation receivable from the EU restructuring fund less both the write-off of the unamortised cost of quota purchased in 2006 and costs relating to the closure of the York and Ostrowite factories.

During the half year we will have spent some £120m on acquisitions, primarily on certain of the European assets of Gilde Bakery Ingredients for AB Mauri and on the beet sugar factories in north east China. At the half year the group's net debt will reflect these investments, the higher working capital in Sugar expected at this time of year and higher working capital elsewhere resulting from the effect of substantially higher commodity prices on stocks.

Sugar & Agriculture
Sugar profit in the UK and Poland will be much lower than last year mainly as a result of the further effects of the EU sugar regime changes. The restructuring levy per tonne has been increased from €126 last year to €173 this year and the temporary reduction of quota increased from 152,000 tonnes to 191,000 tonnes. In the UK, profit was also impacted by higher energy costs and a smaller crop of 1.05 million tonnes which was affected by heavy mid-summer rains. Poland had an exceptionally good campaign with total production estimated at 227,000 tonnes and Glinojeck again set new operating records. The recent strengthening of the euro has benefited both businesses.

The European Commission has announced that a total of 2.6 million tonnes of sugar quota has been permanently renounced across the EU in the first phase of its enhanced restructuring scheme. This brings the total quota for sugar, inulin and isoglucose renounced to date to 4.8 million tonnes which is a substantial move towards the target set by the Commission. The second, and final, phase renunciation is expected to be announced at the end of March. As part of the first phase British Sugar has received confirmation that its application to renounce permanently 191,000 tonnes of UK and Polish sugar quota from October 2008 has been accepted. The financial consequences will be shown as an exceptional net gain of £16m. As anticipated there will be relief from the restructuring levy on the renounced quota in the 2007/8 marketing year amounting to £25m.

At Illovo, profits will be lower than the same period last year. Sugar production was impacted by very high rainfall making it impossible to harvest all available cane at the end of the season. Volumes in both South Africa and Zambia are lower than previously forecast although the total sugar production estimate of 1.8 million tonnes is still above the previous year. Operating performance was positive with good plant availability and sugar extraction in most areas. The capacity expansion in Zambia is progressing well.

The recent frosts in southern China will affect sugar production from our cane sugar business although the consequently firmer prices will have some mitigating effect on profit. Construction of a new cane sugar mill in Jianchenjiang with a capacity of 120,000 tonnes will be completed at the end of this year and will enable further growth. Eleven beet sugar factories have now been acquired in north east China and the campaign is progressing well with production of some 240,000 tonnes of sugar expected.

Agriculture performed extremely well with revenue up and profit sharply ahead of last year. Strong trading in the markets for cereals, nitrogen based fertilisers and other crop inputs led to an excellent result from Frontier. Further investment enabled KW Trident to benefit from high demand for sugar beet feed and co-products from the cereal, distilling and brewing sectors. However, in China, recovery of the dramatic increase in the cost of raw materials and energy has proved challenging.

Grocery
Grocery profits will be much higher than the same period last year, primarily as a result of a substantial improvement by Allied Bakeries but also due to strong performances from Twinings Ovaltine and George Weston Foods in Australia. The UK bakery business benefited from the continued improvement in operational performance, higher volumes and achievement of price increases that recovered the higher wheat costs. In Australia, the results also reflect improvements in bakery performance and successful recovery of higher wheat costs. Twinings Ovaltine again delivered strong sales growth, particularly from tea in the UK and US and from Ovaltine in Asia and developing export markets.

As expected profit at ACH has been impacted by sharp increases, to unprecedented levels, in the cost of corn, soy bean and canola oils. Price increases have now been achieved with further initiatives planned. The combination of Patak's and Blue Dragon is on plan, trading is encouraging and the new Blue Dragon factory in Poland is being commissioned. Grocery profit will include a charge for the closure of the existing factories in Wales. Westmill profit will be ahead of last year.

In February we agreed to acquire, subject to clearance by the regulatory authorities, KR Castlemaine, a manufacturer and marketer of meat products in Australia. The addition of the KR brand and the modern, low-cost factory at Castlemaine will strengthen our existing meat business.

Ingredients
Ingredients will achieve good sales growth but some higher input costs, specifically in our protein business, will adversely impact margin. Growth in enzymes has been achieved by a combination of increased sales resource with a wider geographical reach and the introduction of new products. In yeast, the Brazilian business benefited from lower operating and molasses costs and the expansion of the Argentinean plant has created one of the lowest cost plants in the world. Increased demand has led to further investment in additional yeast and yeast extract capacity in north east China and enzyme capacity in Finland. We sold our small UK-based emulsifier business at the beginning of February with completion subject to competition clearance.

Retail
Sales and profit at Primark were substantially ahead of last year reflecting the increase in retail selling space and a 4% increase in like-for-like sales. Christmas trading was ahead of our expectations. At the half year we will be operating from 173 stores and 5 million sq ft of selling space. Since last year end new stores were opened in Jerez and Madrid, bringing the number of stores in Spain to four, in Cork and larger stores in Tralee and Brighton which replaced smaller stores there. We expect to open a further eight stores in the second half including four stores in Spain.

For further enquiries please contact:
Associated British Foods
John Bason, Finance Director Tel: 020 7399 6500
Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Seward Tel: 020 7638 9571

11/02/2008 : 11 Feb 08 - AB Enzymes acquires Quantum Phytase feed enzyme business and technology

11 Feb 2008

AB Enzymes and AB Vista, both subsidiaries of Associated British Foods (ABF) plc, have today announced the acquisition of Syngenta's Quantum Phytase feed enzyme business and technology. AB Enzymes will take over responsibility for the Quantum supply chain and further product development, whilst AB Vista will manage Quantum sales & marketing.

Quantum Phytase is a unique enzyme with superior thermo-tolerance and efficacy, which will compliment the existing range of feed enzymes that AB Vista currently markets. Quantum sales are growing strongly in Latin America and market penetration is expected to increase further when product registrations in other major markets are completed.

Aryan Moelker, CEO AB Enzymes, said "the addition of this unique new enzyme is exciting in that it broadens our technology base and enhances our market reach. We are now well placed to meet the increasing global demand for heat stable phytases. The joint goal of our partnership with AB Vista is to build market leading positions in key feed enzyme segments. This acquisition significantly increases our opportunity to reach this goal."

CEO AB Vista, Richard Cooper said "Quantum feed phytase is widely regarded as the best researched, best performing phytase in the market. We are very excited by the opportunity to grow Quantum sales both via the infrastructure inherited from Syngenta and also through our own well developed channels. We see clear synergy with our launch and global rollout of Econase XT, a very thermo-tolerant Xylanase enzyme which has shown excellent efficacy in corn and wheat based diets. Quantum is also highly complementary to our existing Finase range of feed phytases which have a wide portfolio of registrations and sales in over 30 countries."

Neal Briggi, Head of Enzymes for Syngenta explained "Microbial Quantum Phytase has proven itself to be a best-in-class product, but we believe that the greatest future potential in this market for Syngenta lies in the truly unique approach of expressing useful enzymes directly in the grain and plants used as the raw material for many industries. This agreement will broaden market access for Quantum and make the technology available to a larger percentage of the animal nutrition market, while enabling Syngenta to better pursue our longer term goals for enzymes in Animal Nutrition and elsewhere."

24/01/2008 : 22 Jan 08 - ABITEC Ltd acquired by Danisco

In accordance with its strategic target of boosting growth in the core Ingredients business, Danisco has signed an agreement for the acquisition of the shares in UK-based emulsifiers producer Abitec Ltd. The acquisition is conditional upon the approval of the appropriate competition authorities.

Abitec Ltd. is situated in Northampton, UK, with a production plant employing 55 persons and generating revenue of around DKK 200 million. Abitec is currently part of the Ingredients division
of Associated British Foods plc and supplies emulsifiers and medium-chain triglycerides (MCT) mainly to the European market.

Emulsifiers based on natural raw materials can be used by food producers to counter increasing raw material costs. Also, when changing from a trans fat to a non-trans fat content in food, Danisco offers knowledge to address the issues of capacity and performance needed to be taken into account when reformulating to trans free solutions.

'By combining Danisco's emulsifiers technology and production capability with Abitec's customer base and market access, we will create an even better platform for developing new products and supporting customer needs and thereby further enhance our position,' says Martin Klavs Nielsen, head of Danisco's Emulsifiers business.

Upon completion of the agreement, Abitec Ltd. will be integrated into Danisco's Emulsifiers business unit.

About Abitec Ltd.
Responding to customers' specific requirements, Abitec Ltd. produces a range of emulsifiers applied by the nutritional, cosmetic, personal care and food markets. Its food emulsifiers provide the functional properties required by today's modern food industry, performing many essential functions in a wide range of food applications such as bread, ice cream, margarine and dairy products.

For further information, please contact:

Martin Klavs Nielsen, Executive Vice President, Emulsifiers, tel.: +45 8943 5500
Julie Quist, Investor Relations Manager, tel.: +45 3266 2925
Helle Helgren, Media Relations Officer, tel.: +45 3266 2930

05/11/2007 : 5 Nov 07 - ABF Ingredients Announces Expansion into China

ABF Ingredients have today announced a further expansion of their Ohly Yeast Extracts business with the building of a new Yeast Extracts plant in Acheng, Harbin, China.

The plant will produce a full range of Yeast Extract Specialties and will be part of a joint expansion with its sister company, AB Mauri, who will further expand in Bakers Yeast at the existing Acheng, Harbin site in the Heilong Jiang province in North Eastern China.

The plant will produce in excess of 15,000 tonnes of Yeast Extracts for the food and fermentation markets. It will be on stream in 2009 with an investment of approximately $50million.

ABF Ingredients CEO, Stephen Catling said "this is a logical expansion to our Ohly Yeast Specialties business which further compliments our ability to service the market globally with our existing plants in Europe and the USA."

During 2006 and 2007, the company spent in excess of $15million on selective capacity expansions in their plants in Boyceville, Wisconsin and Hamburg, Germany.

CEO Ohly and Yeast Specialty Proteins, Robert Rouwenhorst said "the Yeast Extract market continues to grow, especially in the Asian region, we will be well placed to meet this demand".

ABF Ingredients is a division of Associated British Foods focusing on high value ingredients for food and non-food areas. Comprising of a range of ingredient companies including; AB Enzymes, ABITEC, Ohly, PGP International, Proteol and Protient.

The group have established strong market positions in cereal specialties, emulsifiers, enzymes, esters, extruded ingredients, lactose, specialty lipids, specialty powders, specialty flours, yeast extracts, whey protein concentrates/isolates and milk protein concentrates/isolates with locations worldwide.

For further information please contact Tracy Scribbins, Group Marketing Manager, ABF Ingredients, via email: tscribbins@abfingredients.com

17/09/2007 : 17 Sep 07 - Ohly expands Yeast Extract operations in Boyceville, Wisconsin

Ohly Americas (former Provesta Flavor Ingredients), a subsidiary of ABF Ingredients, celebrates with a Grand Opening on September 18th the new yeast extract operations at their plant in Boyceville, Wisconsin. A series of investments to expand the Boyceville facility to become a dual flavor ingredients and yeast extracts manufacturing facility have now been concluded.

A major step for Ohly Americas is the expansion of its product portfolio. Previously only torula extracts were manufactured at the Hutchinson, MN facilty. The new yeast extract operations at Boyceville allows the manufacture of products based on brewer´s, baker´s and torula yeast. These products are primarily used as ingredients for the flavor and savory food markets.

The expansions include indoor processing equipment, external raw material and product storage silos, a new warehouse as well as a new state of the art factory linked pilot plant. The research and development facilities will also be used for protein based food products and will be operated in co-operation with its sister company Protient, another subsidiary of ABF Ingredients.

Robert Rouwenhorst, Head of Proteins Division of ABF Ingredients says,“These investments will strengthen our abilities to develop and manufacture protein and yeast based derivatives designed for the food and nutrition markets.”

Ohly is one of the world’s leading suppliers of yeast extracts, yeast based flavours and specialty powders for the food, biotechnology, health and animal feed markets globally.

Ohly offers a wide range of products such as yeast extracts, inactive dry yeast, special vitamin yeast, yeast cell wall derivatives, medical yeast and autolysed yeast, based on baker´s and/or torula yeast, as well as wine yeast, specialty powders and starter cultures.

Using state of the art research and application centers as well as factory linked pilot plants combined with a wealth of expertise, Ohly also develops tailor-made products in close cooperation with customers to provide solutions to the changing market demands.

Ohly is part of the ABF Ingredients group, who focus on high value ingredients in food and non-food applications.

09/08/2007 : 9 Aug 07 - PGP International acquires Riverbend Rice Mill Inc

PGP International, a Division of ACH Food Companies, Inc. and an ABF Ingredients Company, today announced the acquisition of US specialty rice mill business, Riverbend Rice Mill, Inc., a specialty sweet rice milling company.

Riverbend Rice Mill, Inc. is strategically located in Colusa, CA, about fifty miles from PGP International’s operations in Woodland, CA, and in the epicenter of rice growing area of Northern California. Riverbend Rice Mill, Inc. was founded in 1993 to meet the specialty rice milling needs of its customers. From its founding to the present PGP International emerged as a major customer for its own export business.

At PGP International, we see the opportunity to vertically integrate our manufacturing operations and broaden our core capabilities through the addition of the Riverbend milling operation. This acquisition helps secure PGP International’s strong position in the short/waxy rice and rice flour blends (cake mix) markets in Japan and also provides opportunities for further product line expansion in support of our existing domestic flour business and the emerging organic rice flour business. Our intention is to expand our rice flour and blends product range by using the existing core capabilities at the rice milling facility and to add others in the future.

The former Riverbend Rice Mill will now become the PGP International Rice Milling Facility.

We look forward to Riverbend Rice Mill, Inc. being rapidly integrated into PGP International and we enthusiastically welcome all Riverbend employees into the PGP International/ABF Ingredients family.

12/07/2007 : 12 July 07 - DHW/Ohly and Provesta merge to "Ohly" - An ABF Ingredients Company

Effective July 1st, 2007, the Provesta Flavor Ingredients business units located in Hutchinson, Minnesota and Boyceville, Wisconsin will merge with the business of Deutsche Hefewerke GmbH located in Hamburg, Germany and will trade under the name of:

Ohly Americas

The strategic realignment of these complementary business units within ABF Ingredients will benefit customers by providing an enhanced focus on production, development and distribution of specialty ingredients for the savoury food and nutrition markets.

Operations will remain as previous with products continuing to be manufactured under the same specifications and at the same location.

ABF Ingredients is a division of Associated British Foods focusing on high value ingredients for food and non-food areas. Comprising of a range of ingredient companies including; AB Enzymes, ABITEC, Ohly, PGP International, Proteol and Protient.

The group have established strong market positions in cereal specialties, emulsifiers, enzymes, esters, extruded ingredients, lactose, specialty lipids, specialty powders, specialty flours, yeast extracts, whey protein concentrates and isolates and milk protein concentrates and isolates with locations worldwide.

29/05/2007 : 29 May 07 - ABF Interim Results for the 24 weeks ended 3 March 2007

ABF Interim Results for the 24 weeks ended 3 March 2007

Highlights

Adjusted operating profit up 7% to £272m*
Group revenue up 12% to £3,220m
Adjusted profit before tax up 5% to £268m **
Adjusted earnings per share level at 23.3p **
Interim dividend per share up 4% to 6.5p
Net investment in capital and acquisitions over the last year of £720m
Net debt of £350m
Basic earnings per share down 9% to 19.2p and profit before tax down 15% to £198m, reflecting increases in the charges for the amortisation of intangibles and the net loss on the sale of businesses and fixed assets

George Weston, Chief Executive of Associated British Foods, said:

“This is a good set of results. The satisfactory growth in revenue and operating profit in the first half reflects the substantial investment made by the group in capital and acquisitions last year. The advances made by Primark and sugar are the beginning of the benefits we expect from this investment and represent a significant development for these businesses.”

* before amortisation of intangibles and profits less losses on the sale of property, plant & equipment
**before amortisation of intangibles, profits less losses on the sale of property, plant & equipment and losses on the sale of businesses

All figures stated after amortisation of intangibles, profits or losses on the sale of businesses and property, plant & equipment are shown on the face of the consolidated income statement.

Click here to view the full release

or refer to the main Associated British Foods plc website:

http://www.abf.co.uk

29/05/2007 : 29 May 07 - Associated British Foods 2006 Annual Report...

Please click on link below to download a PDF version of the Associated British Foods 2006 Annual Report.

ABF Annual Report 2006

http://www.abf.co.uk