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Primark recovery sees better-than-expected fourth quarter for ABF

Primark recovery sees better-than-expected fourth quarter for ABF

Associated British Foods (ABF) saw a handy 3 per cent uptick in its share price after announcing that trading in the fourth quarter has exceeded its expectations. This was led by the smaller food businesses, which focus on agriculture, grocery, sugar and ingredients. Amid higher grocery retail sales volumes, improved EU sugar prices and increased demand for yeast and bakery products, the group is guiding to a “very strong increase” in the aggregate adjusted operating profit of its food businesses for the year ending 12 September. Analysts are currently pencilling in £705m of profit from these segments, up from £584m in 2019.

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