Primark boosts AB Foods profits

Reuters

Strong trading at Primark has it increase the owner of the textile discounter chain, Associated British Foods, to its full-year results outlook.

AB Foods said adjusted operating profit would be “well ahead of last year”, after Primark enjoyed good trading, the to Easter.

Primark’s like-for-like sales – which exclude new store openings, rose by 1% on the year as a whole.

Despite the optimistic Outlook, shares in AB Foods fell 1.3% in early trading.

This made him one of the biggest fallers on the FTSE 100, the UK’s benchmark share index gave up 33.72 points to 7,411.32.

The FTSE 250 index, shares in a difficult infrastructure company Carillion 5 per cent, fell after it became known, a number of management changes, including the departure of chief financial officer, Zafar Khan.

The company said that Mr Khan step would be down with immediate effect. He is replaced by Emma Mercer, the Finance Director of its UK construction industry.

In July of this year, shares in Carillion fell after it issued a profit warning and announced the departure of its chief executive. The company took a £845m provision to cover the payment problems on four of its construction contracts.

On the currency markets, the pound remained unchanged against the dollar at $1.3194 and up 0.1% against the euro 1.0984 Euro.