Associated British Foods (ABF) has revealed boosted half-year profits, largely helped by sales of sugar and Primark clothing.
Pre-tax profit for the firm was up by five per cent to £268 million, a figure ABF notes was significantly contributed to by the rapid rollout of new Primark stores – the budget fashion shops contributed a massive £200 million of additional sales.
In the past six months 23 new Primark stores have been opened around the country, adding 0.9 million square foot of selling space. However the firm is continuing to look to expand by identifying new sites in all countries where Primark operates,
Sugar sales were also key to the boosted profits, the company stressed. Following ABF's acquisition of Illovo, the firm's "sugar activities now extend to 24 plants operating in nine countries in three continents".
"This is a good set of results. The satisfactory growth in revenue and operating profit in the first half reflects the substantial investment made by the group in capital and acquisitions last year," George Weston, chief executive, said.
"The advances made by Primark and sugar are the beginning of the benefits we expect from this investment and represent a significant development for these businesses."
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