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AB Foods earnings held back by sugar

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AB Foods earnings held back by sugar
FILE PHOTO: Shoppers walk past a Primark store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson/File Photo   -   Copyright  Simon Dawson(Reuters)
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LONDON (Reuters) – Associated British Foods reported flat first-half earnings, reflecting a fall in sugar revenue and profit that was offset by growth in all its other businesses.

The group, which owns the Primark fashion chain, food brands such as Ovaltine, Ryvita and Twinings, and major sugar, agriculture and ingredients businesses, said on Wednesday it made adjusted earnings per share of 61.1 pence in the 24 weeks to March 2 on revenue up 1 percent to 7.53 billion pounds.

For the full 2018-19 year AB Foods maintained its previous guidance of adjusted EPS in line with the 2017-18 outcome. The group said it expected sugar profitability to improve.

(Reporting by James Davey, Editing by Paul Sandle)

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