Primark profits help to bolster fortunes of Peterborough employer
A growth in profits at clothing retailer Primark has helped bolster the performance of its owner and major Peterborough employer, Associated British Foods.
Primark, which operates from one of the largest stores in Peterborough’s Queensgate shopping centre, saw its profits soar by 25 per cent to £426 million in the 24 weeks to March 2 last year with sales rising by 4.4 per cent.
Its performance bouyed ABF’s overall performance which saw adjusted profit before tax flat at £627 million with revenue up just one per cent to £7.53 billion.
The company was hit by a substantial fall of 13 per cent in revenue at AB Sugar, which owns British Sugar based in Cyrus Way, Hampton. The fall is largely the result of lower prices in the EU.
ABF employs about 350 people in Peterborough working for British Sugar, AB Sugar, AB Mauri and ABF Ingredients.
ABF chief executive George Weston said: “This is a robust set of results.
“Profit at AB Sugar was substantially reduced but, from this period, we expect our sugar profitability to improve.
“The strong underlying growth in Grocery profits demonstrates good momentum.”
Mr Weston added: “Primark delivered excellent profit growth, driven by further development of our customer experience and selling space expansion.”