Primark shines again for Associated British Foods
ANOTHER sparkling performance by its discount fashion business Primark saw Associated British Foods deliver “great” annual results.
The company, which also owns Wigan-based Indian sauces brand Pataks and Allied Bakeries which has a site in Stockport, reported revenue growth of 9% to £13.3bn in the year to September 14.
Primark was the stand-out performer with total sales surging 22%. Like-for-like sales were 5% higher, helping the company to report a 13% rise in full year pre-tax profit to £1.1bn.
“It was a remarkable year for Primark,” said AB Foods boss George Weston.
Primark opened 15 new stores during the year, including four in the UK. It now has 257 stores worldwide and it said it plans to open a further 13 stores by Christmas.
In addition to Primark, AB Foods owns British Sugar and a number of well-known food brands such as Kingsmill, Ryvita and Ovaltine.
In the grocery business, which includes Pataks and Allied Bakeries, revenues rose 3% to £3.84bn and adjusted operating profits surged 24% to £232m as the division benefited from the non-recurrence of restructuring costs, a strong performance from Twinings Ovaltine, and underlying growth in George Weston Foods in Australia in the second half.
