Associated British Foods (AB Foods), recently reported a 10% fall in first-half profit on Tuesday (29 April), according to the groups interim results for the 24 weeks ended 1 March 2025.

Group revenue is ‘in line with prior year, with growth in retail and ingredients offset by a decline in sugar.’

In statement, George Weston, chief executive, AB Foods, said: “These results reflect a robust performance in four of our five divisions.

“I am frustrated with the results in our Sugar business, but we are clear on what needs to be done by way of operational and regulatory solutions to improve financial performance. Primark delivered good growth in Europe and the US, with continued consumer caution in the UK.

“Primark’s profit and margin delivery was strong and our low-cost operating model is working well. Our focus remains on sharp execution of our key growth initiatives across product, brand, digital and new market entry. Our Grocery and Ingredients businesses performed well and the outlook remains positive.

“Looking ahead, in an operating environment with significant uncertainties, the Group remains well positioned and our strong balance sheet enables continued investment to deliver long-term sustainable growth.”

Primark CEO resigns

Earlier this month, Paul Marchant, Primark chief executive officer (CEO) resigned following a recent allegation made by a woman.

Marchant later apologised to the woman, admitting to an “error of judgement” in a social environment.

The clothing retailer contributes roughly half of the group profit to Associated British Foods (ABF) which owns major sugar, grocery, agriculture and ingredients businesses.

Shares in AB Foods fell 8%, wiping out most of the 10% gain recorded so far this year.

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