Nov 6, 2018
Opening Quote: Primark medicine helps as Sugar goes down
In April, July and September this year, he had to explain how increased European sugar supply - following the end of the EU sugar regime - had hit prices and profits in the company's sugar division. Adjusted operating profit in AB Sugar fell some 49 per cent to £123m as the world market sugar price reduced and AB Sugar was left trying desperately to cut costs across all of its businesses. Due to the benefit of a one-time profit on the sale of the group' s US herbs and spices business and south China cane sugar operations, statutory pre-tax profit showed a fall of 19 per cent at £1,279m. Fidelity had said full-year sales at Primark were likely to be 6 per cent ahead of last year, as ABF increased market share. For the third quarter, the group reported sales up 5.6 per cent, with the core supermarket chain reporting same-store sales growth of 1.3 per cent, but the wholesale business growing 4.3 per cent.
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