Primark results boost AB Foods

<p>Associated British Foods has seen its share price rise.</p>

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.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.