AB Foods sees profits grow

Primark owner Associated British Foods today predicted a first half profits jump and said growth should continue throughout the year.

AB Foods said its results for the first six months of its financial year to February 27 would show strong sales and profits growth across its business with brands such as Silver Spoon and Twinings Ovaltine leading the way.

Primark also produced strong trading, with Christmas sales beating the firm’s expectations.

The discount clothing brand is set for further UK expansion in the coming months, with stores planned for Chester, Bury and Blackburn.

Further outlets will be opened in the next financial year after the group bought 10 Bhs properties recently.