November 5, 2019 / 7:13 AM / 3 months ago

AB Foods earnings up 2% on strong Primark, grocery

LONDON, Nov 5 (Reuters) - Associated British Foods reported a 2% rise in annual earnings on Tuesday, with growth at its Primark fashion chain and grocery businesses more than offsetting lower sugar profits.

The group, which also owns major agriculture and ingredients businesses, said on Tuesday it made adjusted earnings per share of 137.5 pence in the year to Sept. 14, exceeding guidance for a performance in line with 2017-18’s 134.9 pence.

For the new 2019-20 year AB Foods said it is well-positioned for further progress, with the continued expansion of Primark, a material improvement in sugar profit and strong profit growth in grocery. (Reporting by James Davey; editing by Kate Holton)

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