Primark owner posts robust set of interim results

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Primark owner posts robust set of interim results
Master Investor Magazine

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Associated British Foods (LON:ABF), the conglomerate that owns fast fashion retailer Primark, posted a robust set of interim results and maintained its full-year guidance of unchanged earnings per share.

For the six-months ended 2nd March 2019, both group revenue and adjusted pre-tax profits were more-or-less unchanged, at £7,532 million and £627 million, respectively.

Primark posted a 25% jump in adjusted operating profits, primarily driven by a weaker dollar, a benefit that is not expected to continue in the rest of the year. Primark accounts for just over half of group sales and nearly 60% of operating profit.

ABF shares increased by 2% to 2,556p (16:24 BST).

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