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Associated British Foods profit misses consensus by 19.8% in fiscal H1

Associated British Foods plc said its normalized net income for the fiscal first half ended March 4 was 47 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 59 pence per share.

EPS climbed 32.0% year over year from 36 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £371.3 million, an increase of 31.9% from £281.5 million in the first half ended Feb. 27, 2016.

Total revenue increased 19.3% on an annual basis to £7.30 billion from £6.12 billion, and total operating expenses increased 17.9% from the prior-year period to £6.68 billion from £5.67 billion.

Reported net income increased 79.2% on an annual basis to £636.0 million, or 81 pence per share, from £355.0 million, or 45 pence per share.