The company said its grocery arm - owner of brands including Ryvita and Blue Dragon - had experienced "strong" growth in sales and profits over the second half of the year and pointed to improvement at Allied Bakeries and its US vegetable oil business ACH.
Analysts predict its pre-tax profits for the year could hit £630m.
Although price increases were responsible for some of the growth, volumes were also up, the company said.
However, Associated said its net debt will be "substantially higher" than last year due to acquisitions - which totalled £225m for the year - higher costs and capital investment. The company also expects to take a £70m hit in one-off costs from the restructuring of its Australian meat business.
"[In July] we reported that trading for the group since the half-year had been in line with our expectations," the company said in a statement. "This has continued to be the case.
"Progress in adjusted earnings per share is expected for the full year. Good growth in adjusted operating profit driven by Primark, Grocery and Agriculture will more than offset the previously highlighted decline in profit from our EU sugar operations and the higher interest charge [that] is a consequence of higher average net debt for the group."
Last week Associated named Daily Mail & General Trust chief executive Charles Sinclair as a non-executive director.
In July the company announced that third-quarter sales were up by 19%. Last year total sales stood at £6.8bn.