AB Foods Considers Spinning Off Primark
Associated British Foods (AB Foods), the owner of Primark, is considering spinning off the retail chain from its food business after reporting a drop in annual profits.
The company announced a review of its structure alongside its full-year financial results, which showed an adjusted pre-tax profit of £1.7bn for the year to September 13, a decline of 13% compared to the prior year.
- Sales across Primark grew by 1% year-on-year to £9.5bn.
- Stronger trading over the second half of the year helped balance out a weaker first half.
AB Foods told investors that no decision has been made, but the review may result in the board deciding to separate Primark from the food business.
No decision has been made but its review may result in the board deciding to separate Primark from the food business.
Author's summary: AB Foods considers spinning off Primark amid profit decline.
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