British Foods hit by sugar reform
07/11/2006 - 08:12:08Associated British Foods posted a fall in profits today after difficult trading conditions at British Sugar and its Kingsmill bread division.
The group, which also owns the retail chain Primark, increased revenues by 7% to £6bn (€8.95bn) but said profits after adjustments for exceptional items fell 4% to £559m (€834.3m) in the year to September 16.
AB Foods described the results as a “resilient performance” after a steep increase in energy costs and reform of the EU sugar regime, which resulted in price pressures as some producers disposed of surpluses.
