Associated British Foods, the owner of Primark and British Sugar, has managed to report a better-than-expected close to the year 2009, and has shared that it is now expecting a "significant increase" in operating profits over 2010.
For 16 weeks up-to 2 January, group revenue recorded a rise of 17%, as compared to the same period last year, or an 11% rise on the basis of constant currency.
An exceptionally strong performance was posted by the Sugar division of the group, with sales recording an year-on-year rise of 68%, or 23% excluding the acquisition of Azucarera. Turnover at Primark, on the other hand, was about 19% more as compared to the previous year.
Both the Agriculture and Grocery divisions also posted improved revenues of about 4%.
The firm's net debt position managed to benefit well from the right issue and managed to stay below 1 Billion Pounds as 2009 came to a close.
AB Foods has said net financing costs for 2010 will be more, but added benefits would be provided by recent investments and restructuring programs.
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