AB Foods Profit Surges 26%

Associated British Foods PLC ASBFY reported a 26% rise in its pretax profit for the 24 weeks to March 2 and also declared an interim dividend of 9.35 pence. AB Foods' profit before taxation for the period surged to GBP415 million, from GBP329 million, in the year-ago period. Its revenue rose 10% to GBP6.33 billion from GBP5.77 billion, while adjusted operating profit gained 20% to GBP496 million from GBP412 million. Its adjusted profit before tax jumped 25% to GBP452 million, while adjusted earnings per share increased 22% to 41.9 pence. AB Foods shares closed at $28.46 yesterday.