strong>MARTIN DEBOO | INVESTEC
“This year is set to beat expectations on a strong finish from Primark...But in the other major profit centre of sugars the outlook in 2014 and beyond is downbeat, with EU sugar prices falling fast and further pricing pressures elsewhere ...We expect to be upgrading our 2013 numbers a tad but downgrading 2014.
CHARLES PICK | NUMIS
The strong finish from Primark, and the fact that its second half margins will now be in line with the high run rate recorded in the first half, is key to earnings in the second half being ahead of expectations. We have upgraded our full-year profit forecast to £1.1bn from £1.08bn.
DAMIEN MCNEELA PANMURE | GORDON
Second half trading is ahead of expectations driven by strong summer trading at Primark where we upgrade our 2013 earnings forecast from £473m to £505m. However, European sugar pricing looks weaker than expected for next year, and we cut our 2014 sugar earnings forecast from £400m to £345m.