Pennys owner AB Foods’ outlook has ‘marginally improved’

Associated British Foods, said on Thursday its outlook for the full 2016-17 year had marginally improved after a better-than-expected performance from its Primark clothing chain in its latest quarter.

The firm, which also has major sugar, grocery, agriculture and ingredients businesses, said it continued to expect to report good growth in adjusted operating profit and adjusted earnings per share for the year.

AB Foods said group revenue from continuing businesses for the 40 weeks to June 2017 was 10 per cent ahead of the same period last year at constant currency and 20 per cent ahead at actual exchange rates.

Third quarter revenue growth was 13 per cent at constant currency and 20 per cent at actual exchange rates.

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It said the results to date reflect a material translation benefit from the devaluation of sterling following last year’s Brexit vote.

It noted that at current exchange rates, the translation benefit will be significantly less in its fourth quarter.

-(Reuters)