Shares in fashion as Primark firm's profits hit 6-year high

PRIMARK owner Associated British Foods has posted its highest annual pretax profit in six years, thanks to a strong performance from the fashion chain and its food divisions, sending shares soaring.

- Geoff Ho

For the 52 weeks to September 16, ABF made a profit of £1.3billion, an increase of 25% on the same period last year. In 2017 it made £1.6billion. Its 2023 revenues were up 16% to £19.8billion.

ABF said that Primark benefited from a combination of below-inflation price increases, well received ranges and strong performances from its new stores.