Associated British Foods posts 20% hike in half-year profits

PRIMARK owner Associated British Foods lifted half-year profits by 20% after another forecast-beating performance from the high street chain.

The group, which also owns household brands Kingsmill, Silver Spoon and Twinings, said Primark profits rose by 18% to £144m after new store openings. An 8% rise in like-for-like sales lifted its revenues by 19% to £1.26bn.

Primark’s progress came despite the impact of the weak pound on the cost of imports, particularly those goods sourced in US dollars.

The chain operates from 196 stores across Europe – including a store at New Street in Huddersfield. AB Foods said it expected to open another six stores in the second half of its financial year.

Overall profits for the group rose to £331m in the 24 weeks to February 27.