Global Industry: ABF Announces FY 2022-2023 Results

Bremerhaven. (bm) Grocery revenues were well ahead of last year largely as a result of price increases to mitigate inflation, Associated British Foods PLC (ABF) says in its Annual Results Statement for the 52 weeks ended 16 September 2023. ABF’s international brands – Twinings, Ovaltine, Blue Dragon, Patak-s, Jordans and Mazzetti – generally traded well, with particularly strong sales in the US. ABF’s US regional brands and businesses also traded well. In the UK the performance of Allied Bakeries improved considerably due to higher volumes and stronger pricing and the financial losses in this business reduced as a result.

The Ingredients businesses had a very good year with revenues and profit significantly ahead. AB Mauri delivered a very strong performance, particularly in the US. The Group continued to invest in its ABF Ingredients- speciality ingredients businesses. Agriculture had a more challenging year with declines in the compound feed markets in the UK and China. AB Vista and the dairy businesses improved and the Group continues to invest in building expertise in these areas. Other topics of the week: