Associated British Foods buoyed by strong Aussie dollar
UK company Associated British Foods has today announced an expected strong increase in revenue for the period to 27 February 2010, on the back of strong sugar performance and Australian grocery profits.
ABF, Australia’s second-largest food business, owns George Weston, including brands such as Tip Top, Burgen, Don smallgoods and KR Castlemaine. Their companies also include Twinings, Patak’s, Maille and Tabasco.
According to ABF, in addition to the Australian dollar, infrastructure improvements in Australian bakery and meats areas have shown profits, including the continued progress of construction of the Castlemaine meat factory. Significant savings also resulted from the closure of the KR Darling Downs abbatoir in Toowoomba in November last year.
ABF’s interim results will be announced on 20 April 2010, and profits are expected to be well ahead of 2009, with growth forecast to continue in the second half.