Partly Cloudy

Partly Cloudy

max temp: 14°C

min temp: 5°C

Search

Bury St Edmunds: British Sugar owner ABF reports ‘very good progress’ for new season’s beet crop

10:15 10 July 2014

The British Sugar factory in Bury St Edmunds.

The British Sugar factory in Bury St Edmunds.

Associated British Foods (ABF) said today that revenues across its sugar business were 20% lower during the third quarter of its financial year.

shares

But the group, which owns the British Sugar beet processing business in the UK which includes a sugar factory in Bury St Edmunds and the associated Silver Spoon brand, said the beet crop for the 2014-15 season was making “very good progress”.

The update came as part of a interim management statement in which ABF said group-wide revenues for the 16 weeks to June 21 were up 3% on a constant currency basis, with its Primark budget fashion chain leading the way with growth of 22%.

The decline in sugar revenues was driven by substantially lower sugar prices, weaker European Union sales volumes and lower sugar production in north China.

ABF said the trend reflected the end of EU sugar quotas in 2017, although the speed of adjustment had been faster than expected.

“The UK sugar campaign in 2013-14 benefited from the mild winter as the company produced 1.32million tonnes of sugar compared with 1.15m tonnes the previous year, with beet yield per hectare 12% ahead. Record operating performances were achieved at all plants,” it added.

“The new crop for the 2014-15 season has made very good progress. The beet price payable to growers for this crop was agreed in summer 2013, at a substantial increase over the price for this year, and at a cost of some £30m.

“Discussions are under way with the National Farmers Union to agree future beet prices beyond the 2014-15 season that will ensure a sustainable UK beet sugar industry reflective of the new commercial environment for EU sugar.”

In grocery, revenues were 5% lower compared with last year at constant exchange rates, with the majority of the decline caused by lost contracts and lower UK sugar pricing at Silver Spoon.

This was offset by market share growth for Kingsmill bread in the face of challenging trading conditions, while Twinings Ovaltine continued its recent record of profit and sales momentum.

ABF said the latest growth at Primark brought its growth for the first 40 weeks of the financial year to 17% and reflected the impact of warmer weather compared with a year ago in March and April and continued strong trading over the following two months.

Selling space increased by 1m sq ft on a year earlier to take the Primark estate to 275 stores covering 10m sq ft in locations across Europe.

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Ipswich Star visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Ipswich Star staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Ipswich Star account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Two fire crews have tackled a blaze involving a container full of rubbish.

Two fire crews have tackled a blaze in a shipping container at a site in Henley Road, Ipswich.

Benefit cheat in court

An Ipswich benefit cheat has been spared prison after she fiddled more than £15,000 in false claims over 29 months.

Dancers preparing for Inspire Suffolk's Strictly event.

Inspire Suffolk has teamed up with Ipswich School of Dancing to train 10 local amateur dancers in preparation for a Strictly Come Dancing-style fundraising event in July.

Drink-drivers in court

A two-time drink-driver who crashed into the rear of another car while more than twice the limit has lost his licence.

A BMW X1

Hundreds of thousands of pounds were spent on luxury cars for managers by the East of England Ambulance Service Trust (EEAST) in the past year, it has emerged.

Gemma Grace, from Ipswich, speaks about living with autism.

Autism is not an illness, it is just a different way of seeing the world.

South East Suffolk Magistrates' Court

A nuisance neighbour who even kept ducks in her house has been given 14 days to get out of her east Ipswich home by the town’s magistrates.

The scene of a fight at Barclays Bank in Ipswich - photos Jess Portway

Frightened staff and customers at an Ipswich town centre bank locked themselves in offices during a violent brawl between two groups of men from rival Romanian families, a court has heard.

Two teenagers have been arrested following the death of a 14 year old boy after an incident at an address in Thurston.

Friends of a 13-year-old schoolboy from Thurston who died after being shot with an air rifle have paid tribute.

Runners of all ages got together in Bank Holiday Monday for the Felixstowe fun run.

Hundreds of eager runners gathered along the Felixstowe seafront this morning in their best fancy dress for the annual Rotary Club of Felixstowe Fun Run.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24