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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Associated British Foods Plc | LSE:ABF | London | Ordinary Share | GB0006731235 | ORD 5 15/22P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
15.00 | 0.57% | 2,658.00 | 2,658.00 | 2,659.00 | 2,660.00 | 2,636.00 | 2,656.00 | 78,139 | 12:12:58 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Textile Goods, Nec | 19.75B | 1.04B | 1.3790 | 19.25 | 20.09B |
TIDMABF
RNS Number : 8518D
Associated British Foods PLC
02 November 2020
For release Monday 2 November
Associated British Foods plc
COVID-19 Update
Associated British Foods plc today issues an update in the light of increasing restrictions on the movement of people and trading activity being put in place by governments to restrict the spread of COVID-19 in many of the markets where Primark trades.
As of today, all Primark stores in the Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, which represent 19% of our total retail selling space. The announced period of closure varies by market. The UK Government announced its intention to close non-essential shops in England for one month from 5 November to 2 December. Assuming that this will be passed by the UK Parliament on 4 November, 57% of our total selling space will be temporarily closed from 5 November.
Our estimated loss of sales for these stores, including the stores in England, for the announced periods of closure is GBP375m.
Trading hours are also restricted in a number of other markets. Uncertainty about further temporary store closures in the short-term remains.
We are implementing the operational plans developed to manage the consequences of these closures and appropriate action will be taken to reduce operating costs. All orders placed with our suppliers will be honoured.
At the year end the group had net cash before lease liabilities of GBP1,558m. Excluding debt, the group had gross cash before lease liabilities of GBP2,030m which, together with GBP1,088m of undrawn committed Revolving Credit Facilities provide GBP3,118m of group liquidity.
Our Annual Results Announcement for the year ended 12 September 2020 will be released as planned tomorrow, 3 November and there will be an analyst and investor presentation at 09.00am GMT which will be streamed online and
accessed via our website here .
For further information please contact:
Associated British Foods:
John Bason, Finance Director
Catherine Hicks, Corporate Affairs Director
Tel: 020 7399 6545
Citigate Dewe Rogerson:
Tel: 020 7638 9571
Chris Barrie Tel: 07968 727289
Jos Bieneman Tel: 07834 336650
Elizabeth Kittle Tel: 07720 498455
Note:
Announced Store Closures Region No. of Closing Planned No of days Stores Date Reopening closed Closed Republic of Ireland 36 22 October 1 December 40 Wales 8 24 October 9 November 16 Slovenia 1 26 October TBC 6 France 19 30 October 1 December 32 Spain - Catalonia 6 30 October 14 November 15 Belgium 8 2 November 13 December 41 England 153 5 November 2 December 27 ------- Stores not trading 231 Stores trading 156 ------- All Primark stores 387
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END
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(END) Dow Jones Newswires
November 02, 2020 02:00 ET (07:00 GMT)
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