Penneys and Primark owner Associated British Foods has today reported a 5% increase in annual profit and forecast 'meaningful progress' in its 2023/24 financial year.
Penneys and Primark owner Associated British Foods has today reported a 5% increase in annual profit and forecast"meaningful progress" in its 2023/24 financial year.
The group, whose shares have risen 34% so far this year, said profit growth in 2023/24 would be driven by a substantial improvement at its sugar business and a strong recovery in Primark's margin thanks to lower material and freight costs. "Whilst the environment is still challenging for the consumer, inflationary pressures have eased and there is less volatility than there was 12 months ago. The group is well positioned as a result," it said.For the year to September 16, AB Foods, which also owns major grocery, ingredients and agriculture businesses, made adjusted operating profit, its key profit measure, of £1.51 billion, up from the £1.44 billion made in 2021/22.
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Penneys owner AB Foods reports 5% increase in profitsPenneys and Primark owner Associated British Foods has today reported a 5% increase in annual profit and forecast 'meaningful progress' in its 2023/24 financial year.
Read more »