‘2010 may be difficult for the UK consumer’ – ABF
Charles Sinclair, chairman of Associated British Foods, told shareholders on Friday (4 December) that economic recovery remained uncertain although the outlook for the Twinings tea to Primark fashion conglomerate was good.
Commenting on current trading for the group since the close of its financial year in September, Sinclair said: "Trading results for the first two months of the new financial year were encouraging and ahead of our expectations, but there remains uncertainty over the pace of economic recovery and we see 2010 may be difficult for the UK consumer. We expect good revenue and operating profit growth over the next year with the benefit of returns from our recent long-term investments and restructuring together with improvement in our Chinese and US businesses."
