Another profit boost for ABF

Associated British Foods’ latest trading update has revealed yet another profits boost thanks to strong sales at its retail chain Primark.

ABF says Primark sales rose 8% in the first half of the year, including a better than expected performance at Christmas and good growth from its Spanish stores.
Meanwhile, ABF’s Twinings, Allied Bakeries and Silver Spoon businesses also did well, but the company says its agriculture profits will be down on last year because of reduced grain trading activity. Sugar is currently benefiting from record prices in China, while Europe is also ahead of last year.
Overall, ABF says half-year profits will be higher than last year, and it will also book a £24 million (£27m) profit on disposal and closure, mainly related to sale of its Polish sugar business.

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