Associated British Foods said trading in the early part of this year is ahead of last year.
"Our budgets are set for further progress, which we are well placed to deliver," the company said in the text of a statement to today's AGM.
It said there have been signs of improving conditions in its markets in recent weeks but warned it is too early to say whether this trend will continue into the longer term.
It added that consumer debt levels and the impact of terrorist activity are factors that could have a negative impact.
