Associated British Foods one of the world's biggest producers of bread, cereals and hot drinks, is not concerned about the impact on demand from new appetite-suppressing, anti-obesity drugs, its boss said.
AB Foods owns grocery brands with leading positions in markets across the globe. These include Kingsmill bread, Jordans cereals, Twinings tea and Ovaltine drinks. It also owns major sugar, ingredients and agriculture businesses.
'Not Worried About Volumes'
"We are not a business that thrives by selling more food, we try to premiumise, we try to trade people up, we try to offer better food than people might have eaten before," he said.
Weston also noted the population in most of its markets was fairly static and that a strategy of trying to sell increased volume would be hard to pull off.
"Trading on trying to increase calories you sell, I think that hasn't been a good strategy for a long time," he said.
Associated British Foods has forecast 'meaningful progress' in its new financial year, driven by a strong recovery in the margin of its Primark fashion business thanks to lower material and freight costs, and a big improvement in its sugar business.