Associated British Foods plc Interim Results Announcement

Tuesday, April 20, 2021
AB Sugar revenue was marginally ahead of last year in the first half at constant currency. Adjusted operating profit was significantly ahead, driven by Illovo, which benefited from increased domestic demand and higher prices. All businesses continued to deliver savings from the ongoing performance improvement programme. UK sugar production for the 2020/21 campaign was 0.9m tonnes, well down on last year's 1.19m tonnes, due to wet weather conditions at the time of planting and the severe impact of virus yellows, which is transmitted by aphids, on the sugar beet. As a result of prolonged cold temperatures this February which substantially reduced the likelihood of virus yellows this summer, the conditional permit for the use of neonicotinoids was not needed. We continue to work to secure a neonicotinoid-free long-term solution in partnership with sugar beet growers and seed producers. Looking ahead to the 2021/22 campaign good progress was made in drilling the crop in March due to favourable planting conditions. Sugar production is expected to be just over 1.0m tonnes with a reduced planting area compensated by more normal yields.
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