Shares in Associated British Foods (LSE: ABF) rose over 7% in early trade, following the group’s third-quarter management statement this morning.
Unsurprisingly for anyone following this stock, Primark was the jewel in the crown once more, with revenues in ABF’s retail operations up 20% in the quarter and 22% year to date.
There was strong performance elsewhere, though, with Agriculture lifting 18% in the 16 weeks to 22 June against the comparative period last year, with Ingredients and Grocery chipping in with 5% and 7% increases respectively. The revenue growth in these four divisions more than offset the quarter’s decline in ABF’s Sugar operations, which was down 15%.
Overall, then, a 9% improvement in group revenue year to date is nothing to be sniffed at, especially with a company as diverse as ABF. Looking ahead, management commented: “The group remains on track to make good progress in adjusted earnings per share for the full year in line with expectation.”
Associated British Foods’ shares are up 50% over the last 12 months and, at today’s price, offer a consensus yield of 1.6% along with its considerable growth prospects.
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> Sam does not own shares in Associated British Foods.
