Associated British Foods has raised its full-year adjusted operating guidance after posting an increase in revenue for Q3. The company noted that its retail activity Primark has continued to trade in line with its expectations. For the period ending 27th May, the company recorded revenues of £4.73 billion, up 16% compared to the same period last year on a constant currency basis. Primark had a revenue increase of 13% to £2.00 billion, supported by higher selling prices and strong performance in its summer ranges. Total food businesses revenue rose by 18% to £2.73 billion.
AB Foods continues to trade well and now anticipates its full-year adjusted operating profit to be moderately ahead of last year’s and its adjusted earnings per share to be below the H1 figure of 62.0p as it will benefit from a group effective tax rate. The group had previously predicted adjusted operating profit and adjusted earnings per share would be in line with the previous year, where they posted £1.435 billion and 131.1p respectively.