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Primark Marked Its 50Th Anniversary This Year. the Group Made Further

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Primark Marked Its 50Th Anniversary This Year. the Group Made Further Strategic report Chief Executive’s statement The group made further progress this year. George Weston Chief Executive The group made Our Grocery businesses enjoyed a markdowns. We continued to put the in Argentina and this year’s result successful year, with strong underlying customer at the heart of our digital includes a hyperinflationary accounting further progress this profit growth of 14% after adjusting for campaigns, with our social media charge for the first time. the £12m cost for the closure of the channels now boasting 20m followers, year. Group revenue Brexit Primark marked its 50th Twinings tea factory in China. George up from 13m last year. We successfully The group’s business model, wherever increased by 2% to Weston Foods in Australia, ACH in the collaborated with high profile influencers possible, aligns food production with US and Acetum all delivered particularly with whom we launched special anniversary this year. the end market for the product while £15.8bn and adjusted impressive margin improvements collections throughout the year, Primark operates largely discrete supply through better procurement and cost generating further social media reach. operating profit of chains for its stores in each of the UK, reduction. We continued to invest in our We achieved another year of substantial US and EU27. The group therefore £1,421m was 1% manufacturing capability and the new market share growth in the UK. The undertakes relatively little cross-border facilities commissioned for Ryvita and group’s like-for-like sales decline of trading between the UK and the rest of higher than last year, for noodle production will increase 2% was significantly affected by the EU and consequently we do not capacity and product innovation. At weak trading in Germany where we at constant currency. expect Brexit to have a significant effect Allied Bakeries we are committed to have been taking action to address on the group’s results. Nevertheless, reducing the operating losses this performance. A new managing director we have evaluated the forms that Brexit coming year, with a programme of cost is in role and is leading a number of could take and our businesses have reductions. These follow the closure of initiatives which include targeted local completed all practical preparations and the Cardiff bakery at the end of the marketing campaigns. have contingency plans in place should financial year. We continued to develop Profit at AB Sugar was well down on the they experience some disruption at the our presence in the faster growing prior year, as expected, due to lower EU time of exit. segments of the grocery market and sugar prices and a poor crop in China. see much potential from our recent Arthur Ryan With our ongoing focus on performance acquisitions of Yumi’s in Australia and Arthur Ryan, the founder of Primark, improvement and cost reduction, Anthony’s Goods in the US. passed away in July this year after a improving EU sugar prices and the short illness. My grandfather and uncle Primark marked its 50th anniversary by continued strength of Illovo we look recruited Arthur to run Penneys in 1969 delivering an 8% increase in profit. forward to an improvement in the profit with only one store in Dublin. He went 14 new stores were added across the and return on capital employed for our on to build a phenomenal world-class UK and continental Europe in the year, sugar business in the coming year. retailer, making fashion accessible to all, including our largest ever store, in AB Agri experienced a difficult year, and his legacy looms large as one of the Birmingham. Looking forward, France, with the loss of co-products following great giants of retailing. We will all miss Italy, Spain, eastern Europe and the US the closure of the Vivergo bioethanol his larger-than-life presence, his sharp Read about Primark’s provide the most significant prospects plant last year, lower UK feed margins wit and his friendship. 160,000 sq ft new for further growth. Our buying team and a smaller sugar beet crop. Our store in Birmingham delivered a further improvement in George Weston Ingredients business was impacted by page 46 margin, driven by exciting on-trend Chief Executive the challenging economic environment ranges, better buying and reduced 6 Associated British Foods plc Annual Report and Accounts 2019 Annual Report and Accounts 2019 Associated British Foods plc 7 Strategic report Operating review | Grocery ABOUT GROCERY 100 Twinings and Ovaltine enjoyed in 100 countries Grocery comprises consumer-facing 16,000 businesses that manufacture and market a employees variety of well-known household brands both nationally and internationally. Twinings Ovaltine Allied Bakeries The largest of our grocery businesses, Allied Bakeries produces a range of Twinings and Ovaltine have broad bakery products under the Kingsmill, geographical reach. Twinings has been a Sunblest, Allinson and Burgen brands, major tea business since 1706 and now with flour and semolina produced by sells premium teas and infusions in sister company, Allied Mills. Speedibake more than 100 countries. Ovaltine specialises in own-label baked goods, malted beverages and snacks are such as muffins and doughnuts, for consumed throughout the day in retail and foodservice customers. countries across the globe. George Weston Foods, Australia Acetum George Weston Foods is one of Acquired in 2017, Acetum is the leading Australia and New Zealand’s largest Grocery Italian producer of Balsamic Vinegar of food manufacturers. Tip Top is one of strategy Modena. It sells vinegars, condiments the most recognised brands in Australia Each of our Grocery businesses and glazes across the globe, trading with an extensive range of bread pursues an independent strategy under the Mazzetti brand. and baked goods. The Don and KR appropriate to its particular Castlemaine brands manufacture AB World Foods market position and stage of a variety of bacon, ham and meat AB World Foods focuses on the development. Twinings, Ovaltine, products. Yumi’s produces hommus, creation and development of world Acetum, Jordans Dorset Ryvita vegetable dips and snacks and is the flavours and its Patak’s and Blue and AB World Foods have had leader in the Australian market. Dragon branded products are sold considerable success extending internationally. ACH Foods, North America their reach into new and emerging ACH Foods includes within its range of markets, whilst some are focused Westmill Foods branded products Mazola, the leading on developing brands in their core Westmill Foods specialises in high- corn oil in the US, Capullo, a premium domestic markets. quality ethnic foods including rice, canola oil in Mexico and renowned spices, sauces, oils, flour and noodles All of these businesses are baking brands such as Fleischmann’s sold under brands such as Rajah, committed to the consistent yeast, Karo corn syrup and Argo Lucky Boat, Tolly Boy and Elephant. development of their brands, and corn starch. consumer research is conducted Jordans Dorset Ryvita Silver Spoon locally and internationally to Jordans Dorset Ryvita operate in the Silver Spoon and Billington’s are establish consumer needs and better-for-you cereal and savoury our two retail sugar brands in the UK, ensure appropriately targeted biscuits categories with increasing complemented by a range of dessert investment. Our production international presence. Jordans has a toppings and syrups under the Askeys facilities are well maintained, and heritage of using traditional methods in and Crusha brands. we take a long-term approach to the production of its wholegrain cereals capital investment, recognising the and cereal bars. Dorset’s award-winning Sports Nutrition merits of building for the future. muesli and granolas are renowned for HIGH5 and Reflex Nutrition are brands Acquisitions are undertaken when the quality of their natural ingredients. in the sports nutrition sector producing opportunities are presented to Ryvita has a strong reputation in healthy protein supplements, recovery gels and either strengthen or complement snacking and is the UK category leader drinks in the UK and sold internationally. existing businesses. in crispbreads. 12 Associated British Foods plc Annual Report and Accounts 2019 Annual Report and Accounts 2019 Associated British Foods plc 13 Strategic report Grocery | Operating performance In action HOUSEHOLD FOOD BRANDS ENJOYED ALL OVER THE WORLD Poole, Dorset Revenue Grocery revenues were 2% ahead of last Jinqiao, China to our existing site in At Acetum, our leading balsamic year at constant currency and growth in Swarzedz, Poland during the first vinegar producer, margins improved £3,521m adjusted operating profit was excellent half, new supply routings have been significantly as grape must prices Bardney, Lincolnshire at 10%. This year’s result included a established and are functioning well. returned to lower levels than the 2018: £3,420m £12m one-time cost for the closure of exceptionally high level that followed At Allied Bakeries revenues progressed Actual fx: +3% the Twinings tea factory in China. the poor grape harvest in 2017. During this year following price increases Constant fx: +2% Adjusting for this, operating profit was the year investment was made to agreed with a number of customers. up 14% at constant currency. Margin, at support the market entry of the As previously advised, the termination 10.8%, improved significantly again this Mazzetti brand in the UK. of our largest private label bread Adjusted operating profit year
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