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Owner of Primark sees profits rise

19th Apr 17 8:45 am

These are the figures

The owner of Primark, Associated British Foods (ABF) has reported a rise in first-half profits, this is due to a recovery at its sugar business as well as growth at Primark.

Pre-tax profits managed to climb by 35 per cent to £624m in the 24 weeks leading up to the 4 March.

Revenues were up nine per cent to £7.3bn.

Chairman Charles Sinclair said: “The growth in earnings achieved in the first half has been excellent. We expect the underlying revenue momentum in all of our businesses to continue in the second half.

“However, profit growth in the second half will, at current exchange rates, be tempered primarily by a smaller translation benefit and the full effect of the devaluation of sterling against the US dollar on Primark’s margin.”

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