Associated British Foods has announced a 13% increase in profit before tax and 12% increase in first interim dividend in its Interim results for 24 weeks ended 1 March 2003

Highlights include:

• Operating profit up 14% to £204 million
• Group sales up 8% to £2,259 million
• Net investment income down from £13 million to £12 million
• Profit before tax up 13% to £216 million
• Adjusted earnings per share up 14% to 19.3p
• First interim dividend per share up 12% to 4.75p
• Net cash funds of £836 million

Peter Jackson, Chief Executive of Associated British Foods, said "This is a strong set of results with double digit operating profit growth. It demonstrates good performances from our continuing businesses as well as the benefits of the investments made in acquiring Mazola and Ovaltine. A consistent financially demanding approach, an insistence on a strong balance sheet and first rate devolved management provide us with a strong foundation for future growth."