British food giant Associated British Foods (ABF) saw its turnover and profits drop in its latest financial year, but its fashion brand Primark did manage to grow. Despite that, Primark may well be spun off in the coming year.
Turnover and profits down
In its previous financial year, which ended on 13 September, ABF’s group turnover fell by 3 % to 19.459 billion pounds (22.57 billion euros). Pre-tax profits even fell by 26 % to 1.413 billion (1.64 billion euros), reports the owner of brands such as Twinings, Patak’s and Jordans.
