Jul 5, 2018
Primark owner stung by sugar slide
Sugar is leaving a bitter taste in the mouth for Associated British Foods. The company that owns the Primark fashion chain as well as sugar and ingredients businesses said in a trading update on Thursday that sales were up by 3 per cent in the nine months to the end of June from the same period last year. Stripping out sugar that growth would have been 6 per cent. Revenues from sugar dropped 17 per cent in the final three months of the period, which the company said was "Entirely the result of significantly lower EU prices which adversely affected our UK and Spanish businesses". EU sugar prices are continuing to decline driven by low world sugar prices and excess supply following very high sugar production in the EU last year.
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