Patak’s to Primark firm ABF shines

THE company behind high street chain Primark and North West Indian food brand Patak’s has hailed “outstanding results” as revenues topped £10bn and profits climbed 26% to £825m.

Associated British Foods, which also owns the Kingsmill bread business and is a global sugar supplier announced 13% hike in its dividend to 23.8p per share on the back of the record figures.

Chief executive George Weston, said: “This year’s outstanding results represent a step change for the group.

“A number of major projects will be completed over the coming year which will underpin future profit delivery and provide a platform for further growth. Opportunities for further attractive investment are plentiful and the group has the financial capacity to exploit them.”

During the period Primark opened two new stores in the North West, in Bury at The Rock development and in Chester on Foregate Street in a former Woolworths shop.

The budget clothing chain had “an exceptional year” as revenue grew to £2.7bn from £2.3bn and while operating profits climbed to £342m from £252m.

The group’s biggest division, grocery – which includes Leigh-based Patak’s – saw revenue climb 7% to £3.4bn. Patak’s is a key part of a sub-division, AB World Foods.

ABF said World Foods had “delivered a strong performance”, with the relaunch of the Patak’s range, which saw new products and improved recipes,  hailed as a “notable success”.

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