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UK ingredients supplier Associated British Foods reports this week - ahead of its interim results scheduled for April - that its overall trading experience to date has not altered since the company's statement on 5 December 2002 when it said that results were in line with budget to deliver further real growth.
According to ABF, the mother of British Sugar, Ovomaltine, ACH and Allied Bakeries among others, the campaign at British Sugar has progressed well with a crop forecast at over 1.4m tonnes and extraction rates at record levels. Combined with prices which have benefited from a strengthening of the euro, this has more than offset the effect of a 40,300 tonne temporary quota cut and lower world sugar prices. However, depressed sugar prices in China and Poland will result in a reduced contribution from British Sugar Overseas.
ABF added that the integration of Unilever's Mazola into ACH's existing oils business has been successfully completed and trading is in line with expectation. Following the completion of the acquisition of Ovaltine in December, the integration of the ACH business is progressing satisfactorily, ABF added.
Since the last financial year the group has completed the acquisition of Ovaltine and the minority shareholding in George Weston Foods in Australia for £232m (€341m). Proceeds from the disposal of Allied Glass Containers, the third party flour milling business in Britain and the rice specialities business in the US are estimated to be £118m.
