![]() ![]() ![]() Primark, ABF’s biggest division accounting for more than 40% of revenues, is benefiting from its budget positioning and demand for new clothes as Britons plan for summer holidays. Between April and May, food and drink inflation slowed from 19% to 18.3%, still among the fastest rates in decades.ĪBF said its sugar business, which reported a 51% year-on-year rise in quarterly sales to £665m, was “progressing well” in the UK after it was forced to secure alternative sources of supply due to a production shortfall. Prices remain high and are still rising fast, adding to pressure on struggling households. Last week, the Bank of England increased interest rates by a half point to 5% as part of its efforts to tackle high inflation. “We have seen strong, constant currency sales growth in grocery and ingredients largely driven by the necessary pricing actions taken earlier in the year to offset input cost increases,” the company said. ABF said it expected full-year adjusted operating profits to be “moderately ahead” of last year, having previously guided they would be “broadly in line” with the £1.4bn made in the previous year.ĪBF added that its food business continued to perform strongly with sales in its grocery business up by 13% to £1.05bn, while its ingredients operation rose 10% to £547m. ![]()
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