The share price of Associated British Foods is up this morning (April 23rd) on the back of the latest positive financial results released by budget clothing retailer Primark.
It was revealed by the company that its group revenue was up ten per cent to £6.333 billion in the 24 weeks to March 2nd, with strong performance from Primark cited as a reason for the gains.
Chief executive officer George Weston stated adjusted operating profit is shown to be up 20 per cent and this is an "excellent" result for Associated British Foods.
"We are committed to the long-term development of our businesses through investment. These results have been achieved through a focus on generating good returns from the investments we have made over recent years," he said.
It was pointed out in a statement from the company that customers in continental Europe have taken "enthusiastically" to the Primark brand and this has boosted performance.
Stocks in Associated British Foods were up by more than one per cent at the start of today's trading, recorded over 20 points higher at 1,870 than when the FTSE 100 opened this morning.
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