Primark owner ABF has 'highly successful year' with jump in full-year profit

Brexit woes: Group concerned over the risk of “abrupt changes” to customs

Owing to a strong performance in the UK, Associated British Foods announced today that the group revenue had risen 15 per cent to £15.4bn in the year to 16 September. Revenue for Primark alone has risen by 19 per cent to £7.05bn.

Overall group adjusted operating profit jumped by 22 per cent to £1.36bn. Even after opening 30 stores in nine countries, the food-to-fashion group said that Primark still has room for “significant growth”.

“This was a highly successful year for the group,” said George Weston, chief executive of ABF, adding: “These results reflect our international diversity, and the strong underlying performance of our businesses was driven by management actions throughout the year.”

Besides, Primark, ABF also owns a big sugar, grocery, agriculture and ingredients business and employs around 133,000 people in 50 countries.

Commenting on the likely impact of Brexit on ABF’s performance, Weston said that the group was concerned over the risk of “abrupt changes” to customs procedures. The group also said that it expects “progress” in its grocery, agriculture and ingredients divisions.

According to chairman Charles Sinclair: “Taking all of these factors into account, at this early stage, we expect progress in adjusted operating profit and adjusted earnings per share for the group for the coming year.”