{"id":46878,"date":"2022-11-09T08:39:47","date_gmt":"2022-11-09T08:39:47","guid":{"rendered":"https:\/\/www.grocerygazette.co.uk\/?p=46878"},"modified":"2022-11-09T10:07:52","modified_gmt":"2022-11-09T10:07:52","slug":"abf-buyback-scheme","status":"publish","type":"post","link":"https:\/\/www.grocerygazette.co.uk\/2022\/11\/09\/abf-buyback-scheme\/","title":{"rendered":"ABF declares \u00a3500m share buyback scheme"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\nAssociated British Foods (ABF) has revealed a \u00a3500 million share buyback scheme following a strong recovery in trade.<\/p>\n<p>The first tranche of the programme will take place today in the sum of \u00a3250 million, <a href=\"https:\/\/www.grocerygazette.co.uk\/2021\/11\/09\/twinings-owner-profits\/\">with the parent company<\/a> of Jordan&#8217;s and Twinings anticipating an end date of on or before 28 April 2023.<\/p>\n<p>Under this arrangement, Barclays Bank will act as principal and will make decisions independently <a href=\"https:\/\/www.retailgazette.co.uk\/blog\/2022\/11\/primark-sales-pre-covid\/\" target=\"_blank\" rel=\"noopener\">from the company<\/a>.<\/p>\n<hr \/>\n<h3 style=\"text-align: center;\">Subscribe to Grocery Gazette for free<\/h3>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/www.theguardian.com\/environment\/climate-crisis\" target=\"_blank\" rel=\"noopener\"><span class=\"x_al\">Sign up\u00a0here to get the latest grocery and food news<\/span><span class=\"x_al\">\u00a0each morning<\/span><\/a><\/strong><\/p>\n<hr \/>\n<p>However, according to the company, the sole purpose of the share buyback is to reduce the capital of the company, with all ordinary shares repurchased as part of this arrangement will be cancelled.<\/p>\n<p>The news comes as the ABF <a href=\"https:\/\/www.grocerygazette.co.uk\/2022\/11\/08\/associated-british-foods-inflation\/\">announced it is facing \u201csubstantial and volatile\u201d input cost inflation, which will hit results in its current financial year.<\/a><\/p>\n<p>In the year ended 17 September 2022, ABF\u00a0reported a 42% increase in operating profit to \u00a31.44 billion, up from \u00a31.01 billion in the same period in 2020\/21.<\/p>\n<p>The company also announced a 10% rise in food sales, with adjusted operating profit for sugar, agriculture and ingredients ahead of last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Associated British Foods (ABF) has revealed a \u00a3500 million share buyback scheme following a strong recovery in trade.<\/p>\n","protected":false},"author":49,"featured_media":46884,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,4869],"tags":[7162,8366,11606,4141,3946,5894,6873],"_links":{"self":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts\/46878"}],"collection":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/comments?post=46878"}],"version-history":[{"count":3,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts\/46878\/revisions"}],"predecessor-version":[{"id":46885,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts\/46878\/revisions\/46885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/media\/46884"}],"wp:attachment":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/media?parent=46878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/categories?post=46878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/tags?post=46878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}