Primark-owner AB Foods shares top FTSE on profit, outlook
Shares in AB Foods jumped around 6% after an impressive new full-year thanks to strong margins at Primark. IGTV financial analyst @AngelineOng takes a look at what else investors like about the Primark-owner’s latest update.
(Video Transcript)
AB Foods share price up 6%
Shares in Associated British Foods are soaring after an impressive full year. This is the new full year, thanks to strong margins at subsidiary Primark. Let's just get you through the numbers on this animation first.
Adjusted operating profit, this is for the full year, coming in at £1.5 billion. Group revenue rising 16% to almost £20 billion and total dividend 60p up 37%.
Let's show you the action on the shares, and as you can see, that big green candle showing you the rise after those numbers. It's up 6%.
Investors loving ABF's £500m share buyback
The Primark owner also announcing, as I mentioned earlier, the additional share buyback of £500 million, and it looks like investors are lapping it up because shares are heading higher, now up more than 6% on the IG platform.
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