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Primark owner Associated British Foods (LON:ABF) has reported a 5% increase in adjusted profits before tax over the year ended 15th September. This came despite revenues rising by just 1% and management have recommended that the dividend per share be upped by 10% to 45p.
Chief executive George Weston commented: “This was another year of progress for the group. We continued to pursue the opportunities to grow our businesses with a gross investment of £1.2bn. Strong profit performances were delivered by each of Primark, Grocery, Agriculture and Ingredients. These more than offset the decline in Sugar profit which was caused primarily by low prices in the first year after the structural change in the EU sugar regime. Looking ahead, management have clear plans for further investment and for pursuing opportunities for business improvement“.
Associated British Foods’ share price rose by 2.39% to 2,445p (as of 13:20 GMT).