Associated British Foods profits driven up by Primark

(Source: Reuters)

Associated British Foods has released a half yearly report for the 24 weeks ended 2 March (release). The firm saw profit before tax rise by 26 per cent to £415m. Results exceeded expectations on the back of strong performance by Primark. The company reported that the fashion retailer's profit margin had improved while continental Europe has taken well to the brand. This has prompted plans for future capital investment.

George Weston, Chief Executive of Associated British Foods, said:

This is an excellent set of results with adjusted operating profit up 20%, a stronger cash flow and a year-on-year reduction in net debt. We are committed to the long-term development of our businesses through investment. These results have been achieved through a focus on generating good returns from the investments we have made over recent years.