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 included an adjusted pre-tax profit of £1.7bn for the year to September 13, a 13% decline compared to the prior year.
- Sales across Primark grew by 1% year-on-year to £9.5bn.
- Stronger trading in the second half of the year balanced out a weaker first half.
No decision has been made, but the review may result in separating Primark from the food business.
AB Foods will decide on the outcome of the review, which may impact the company's structure and future operations.
Author's summary: Primark spin-off considered.
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