Associated British Foods Plc releases an update on Coronavirus

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Associated British Foods Plc releases an update on Coronavirus

  • As on 16 March 2020, Primark stores representing 30 percent of sales revenue were closed
  • The company has implemented a significant reduction in discretionary spend
  • The company is also making rapid progress in reducing fixed costs following discussions with counterparties
  • The company has substantial cash position with some £800 million of cash at the half year, along with a revolving credit facility of some £1.1billion
  • On 23rd March 2020, at the time of writing, GMT 09:29 AM, ABF shares were trading at GBX 1,654, down by 104.50 points or 5.94% against the previous day closing price.

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