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 13% decline compared to the prior year.
Primark sales grew by 1% year-on-year to £9.5bn, with stronger trading in the second half balancing out a weaker first half.
No decision has been made, but the 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 drop.
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