ABF Shine, Led By Primark
Associated British Foods today report better than expected first-half profits, with High Street darling Primark once again the shining star.
Group revenues increased by 10% to £4,796 million and adjusted operating profit was 25% ahead of last year at £370 million.
Primark's results showed a revenue increase of 19% to GBP1,263 million and profits ahead 18% to GBP144 million.
Sugar revenues were up 44% to GBP931 million, and profits increased 39% to GBP85 million. "In the EU, the UK business had an excellent campaign. Favourable growing conditions and improved beet yields led to production of 1.3 million tonnes of sugar which was better than expected and 9% ahead of last year," they said.
"Construction of Vivergo's wheat bioethanol plant is continuing and is expected to be fully operational by summer 2011. Bioethanol prices in the first half have been high, to the benefit of our existing bioethanol facility at Wissington which operated at full capacity throughout the period," they added.
In Agriculture revenues rose by a more modest 4% to GBP432 million and operating profit fell by a third to GBP12 million. "Adjusted operating profit in the first half was lower than last year's exceptionally high level with reduced volatility in UK grain markets leading to lower profit from trading activities in Frontier," they sob.
Group revenues increased by 10% to £4,796 million and adjusted operating profit was 25% ahead of last year at £370 million.
Primark's results showed a revenue increase of 19% to GBP1,263 million and profits ahead 18% to GBP144 million.
Sugar revenues were up 44% to GBP931 million, and profits increased 39% to GBP85 million. "In the EU, the UK business had an excellent campaign. Favourable growing conditions and improved beet yields led to production of 1.3 million tonnes of sugar which was better than expected and 9% ahead of last year," they said.
"Construction of Vivergo's wheat bioethanol plant is continuing and is expected to be fully operational by summer 2011. Bioethanol prices in the first half have been high, to the benefit of our existing bioethanol facility at Wissington which operated at full capacity throughout the period," they added.
In Agriculture revenues rose by a more modest 4% to GBP432 million and operating profit fell by a third to GBP12 million. "Adjusted operating profit in the first half was lower than last year's exceptionally high level with reduced volatility in UK grain markets leading to lower profit from trading activities in Frontier," they sob.