ABF's sugar profits halve

ABF's sugar profits halve

This time last year, Associated British Foods' (ABF) finance director, John Bason, said he wasn’t concerned about the impact of the end of EU sugar quotas. This appears to have been an optimistic view. During the year to September adjusted operating profit in the sugar business halved to £123m, on sales that fell 15 per cent (at actual exchange rates) to £1.73bn. But while Mr Bason said sugar prices had come down "more and faster" than expected, he's ruled out selling the division.

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