ABF performance ‘exceeds expectations’

Associated British Foods says that “strong performances” across the business have helped boost half-year profits. The UK firm behind Kingsmill bread and Jordans cereals says performance across the group, which also includes Silver Spoon sugar and Twinings tea, exceeded expectations as it revealed a 20% rise in underlying pre-tax profits to £331 million (€377m). Meanwhile, adjusted operating profit is 25% at £370 million (€421m), and turnover has climbed 10% to ££4.8 billion (€5.4bn).

“The investments made in recent years are now delivering very satisfying returns throughout the group,” says chief executive George Weston.