ABF H1 Profit up 20%

Associated British Foods (ABF) has posted a 20% profit for the first half of the year.

The London-based food and retail group posted underlying pre-tax profits of £331m ($510m) for the period ended 27 February.

Group revenue increased by 10% to £4.796m ($7.3bn) while adjusted operating profit was up 25% to £370m ($570m).

Operating profits increased 29% to £336m ($518m), profit before tax was up 80% to £320m ($493m) and basic earnings a share rose 80% to 31.6p.

ABF’s grocery unit profits rose 53% as Twinings and Ovaltine saw sales growth after last year’s restructuring, the company said.

The growth has been attributed to long-term investment, marketing strategies and broad geographic base.