AB Sugar revenue is expected to be over 20% ahead of last year

Associated British Foods
Monday, February 28, 2022
AB Sugar traded strongly in the first half. Revenue is expected to be over 20% ahead of last year driven by both higher domestic volumes in Illovo and Azucarera and higher sugar and bioethanol prices. All businesses continued to focus on reducing the cost of sugar production through on-going cost reduction programmes. These cost savings and the contribution from higher sales more than offset the effects of significant input cost inflation, particularly energy costs, and the start-up costs at our Vivergo bioethanol plant. As a result, adjusted operating profit is expected to be ahead of last half year. EU sugar prices continued to improve over last year as a consequence of low European sugar stocks and higher world market prices. Although current estimates for EU sugar production in the 2021/22 campaign are slightly higher than the prior year, with a recovery in yields to more normal levels, EU pricing is supported by higher world sugar prices. Our UK and Spanish businesses have largely contracted sales for the year at much improved prices compared to last year.
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