Primark owner posts £466m profit

Primark owner Associated British Foods has announced half-year pre-tax profits up 4% to £466m.

The company said like-for-like sales at Primark compared to the same period last year were broadly flat, with warm weather across Europe hitting its performance. Profits at the budget fashion retailer were down 3% to £322m although sales rose 5% to £2.6bn.