Global Industry: ABF announces 2022 financial results

Bremerhaven. (bm) Grocery sales were up three percent year-over-year in constant currency, but operating profit margins declined, British ABF says in its 2022 financial report. Planning, negotiating and implementing pricing with retailers inevitably leads to a delay in recovering input cost inflation. In some categories, price realization has been constrained by competitor actions. ABF’s actions to address losses at Allied Bakeries, the group’s UK baking business, have been undermined this year by the extent of cost inflation in all areas of the business, including gas, wheat and logistics. Although progress has been delayed, ABFoods is working on solutions beyond pricing. Other topics of the week: