2020 Annual Results Announcement

George Weston, Chief Executive of Associated British Foods

I am proud of how our people have responded to the many challenges presented by COVID-19. Throughout, we have provided safe, nutritious food under the most extraordinary conditions, proving the value and resilience of our supply chains. Our food businesses delivered an adjusted operating profit increase of 26%, driven by high demand and improved productivity.

Following a three-month closure, Primark delivered a robust performance, receiving an overwhelmingly positive response when it safely welcomed customers back to its stores. Uncertainty about temporary store closures in the short-term remains, but sales since reopening to the year end of £2bn demonstrate the relevance and appeal of our value-for-money offering.

We have the people and the cash resources to meet the challenges ahead and we are investing for the future.

Very strong delivery in food, robust performance in retail

Financial Headlines





IFRS 16 pro forma

IFRS 16 pro forma

as reported


Actual currency

Constant currency

Actual currency

Group revenue





Adjusted operating profit





Adjusted profit before tax





Adjusted earnings per share





Dividend per share



Gross investment



Net cash (before lease liabilities)



Net debt (including lease liabilities)



Statutory operating profit





Statutory profit before tax





Basic earnings per share





Statutory operating profit for the year reduced to £810m from £1,282m last year, driven by the reduction in adjusted operating profit and an increase in the net exceptional charges to £156m this year from £79m last year.

The group has defined, and outlined the purpose of, its Alternative Performance Measures in note 13. These measures are used within the Financial Headlines and in this Annual Results Announcement.

The 2019 results have been provided on an IFRS 16 pro forma basis in addition to the results previously reported under IAS 17 in order to provide a better understanding of comparison between the 2020 results and the 2019 results. These IFRS 16 pro forma figures have been prepared using the same data and assumptions as those used for the transition adjustment.

For further information please contact:

Associated British Foods:

John Bason, Finance Director
Catherine Hicks, Corporate Affairs Director
Tel: 020 7399 6545

Citigate Dewe Rogerson:

Tel: 020 7638 9571
Chris Barrie    Tel: 07968 727289
Jos Bieneman    Tel: 07834 336650
Elizabeth Kittle    Tel: 07720 498455


Annual results announcement