Primark boosts Associated British Foods’ half-year profits

Suzie Neuwirth

ASSOCIATED British Foods’ pre-tax profits grew 25 per cent in its first half results which were announced today, thanks to exceptional trading in its Primark clothing division.

The FTSE 100-listed company posted pre-tax profits of £452m and group revenues up 10 per cent to £6,333m.

“I am pleased to report an excellent set of interim results for the group which exceeded our expectations at the start of the year,” said chairman Charles Sinclair.

“This outperformance was driven by very strong trading by Primark. Our food businesses remained on track with a much improved result from grocery, a big increase for agriculture and some stabilisation in underlying trading at ingredients.”

The company said that it expects profits in this financial year to be weighted toward the first half so has issued a 9.35p per share dividend to shareholders, to be paid on 5 July 2013.

Related articles