Associated British Foods (ABF) has reported at its AGM that it is well-placed for future long term development, despite increased levels of competition.

“General economic conditions are more volatile than they have been for some time. Exchange rate fluctuations, rising interest rates and changes in important input costs such as energy all effect the overall business environment,” said Martin Adamson, chairman of ABF.

Speaking to shareholders at the meeting he said: “In spite of these challenges your company remains soundly based for further development. It has great financial strength, many strong market positions and good people. These will enable the group to continue to build for the long term and to invest where the right opportunities occur.”

Adamson also said that trading for the current year has been satisfactory and ahead of the previous year.