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Nov 3 2020, 09:30 GMT
Associated British Foods
Strong operational performance against unprecedented challenges
- Sectors : Foods
- Companies : Associated British Foods
DAVY VIEW
Associated British Foods’ (ABF) FY statement confirms an exceptional cash performance and a solid profit turnout at Primark despite significant end-market dislocation. ABF’s plan to continue to add selling space next year is a clear vote of confidence in the Primark model. While lockdowns and the associated impact on Primark may create near-term volatility, today’s statement evidences ABF’s operational capabilities – Primark’s strong brand franchise value remains. We reiterate our ‘Outperform’ rating.
