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 a drop in annual profits.
The company announced a review of its structure alongside its full-year financial results, which reported 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, with stronger trading over the second half of the year helping to balance out a weaker first half.
AB Foods told investors that no decision had been made, but its review may result in the board deciding to separate Primark from the food business.
No decision has been made
Author's summary: AB Foods considers spinning off Primark amid profit drop.
More News
- Nov 5: Primark could be spun off; Workplace sickness crisis; Peugeot Polygon concept
- The story LI's election numbers tell so far
- Bridget Phillipson must not abandon special needs children | The Spectator Australia
- Controversy: Did the BBC manipulate Trump's speech?
- Suffolk voters [reject/approve] ballot measure extending length of county legislative terms
- Famous birthdays for Nov. 5: Kris Jenner, Tilda Swinton - UPI.com
- Democrats pick up seats in both Suffolk and Nassau legislatures
- Mamdani prevails in New York City mayoral race