Associated British Foods has warned that profit at its European sugar businesses will continue to be hit by changes to the EU sugar regime.
Full-year operating profit to 16 September at its primary food business, which includes its sugar operation British Sugar, had decreased from £166m last year to £115m, the group said.
Its international hot beverages unit, which includes the brands Twinings and Ovaltine, had performed well, but profit and volumes at its Allied Bakeries division, which includes the brand Kingsmill, had fallen, it added.
Full-year operating profit to 16 September at its primary food business, which includes its sugar operation British Sugar, had decreased from £166m last year to £115m, the group said.
Its international hot beverages unit, which includes the brands Twinings and Ovaltine, had performed well, but profit and volumes at its Allied Bakeries division, which includes the brand Kingsmill, had fallen, it added.
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