Profits fall at Primark owner

Primark-owner Associated British Food’s pre-tax profit fell by 8% to £1.17bn.

George Weston, chief executive of Associated British Foods, has this to say as it reports full-year results.

“The group delivered a resilient performance this year, with strong profit growth from grocery and Primark which more than offset the profit decline in sugar.

We continued to pursue the opportunities to grow our businesses with a gross investment of over £800m. Next year the group is well-positioned for further progress, with the continued expansion of Primark, a material improvement in our sugar profit and strong profit growth in grocery.”