Primark’s parent group expected to post small FY profits rise

The market anticipates Associated British Foods (ABC), parent group of affordable fashion giant Primark, to post a small rise in annual profits this week despite the discount fashion chain’s growth at older UK stores running out of steam.

ABF is expected to post a 2 percent increase in pre-tax profits to 1.05 billion pounds, compared with 1.03 billion pounds a year earlier, reports the ‘Telegraph’.

City analysts predict the group will lift revenues from 12.8 billion pounds to 13.1 billion. It’s worth recalling that in September the company blamed unseasonable weather for the company suffering its first fall in like-for-like sales in the UK for 16 years.

Shares at Associated British Foods plc. (ASBFY) have a 52-week low of 29.84 and a 52-week high of 54.24.