Weak euro to dent Primark growth

Dublin-headquartered discount clothing retailer Primark grew revenues by 13% in the 12 months to September 12, driving growth for parent group Associated British Foods (ABF) in its latest financial year.

On a group basis, ABF yesterday reported revenues of £12.8bn (€18bn) for the year, up by 2% on a constant currency basis.

While adjusted pre-tax profits were down by 6%, at just under £1.1bn, the group managed to continue generating strong cash flows and reduce debts.