Recovery in margins at clothing chain fuels 39% jump in profit in first half of the year
Primark and Penneys owner Associated British Foods has forecast “significant growth” in full-year profit as it reported a 39 per cent jump in the first half of its financial year, partly driven by margin recovery at its clothing chain.
The group, which also owns major sugar, grocery, agriculture and ingredients businesses, said adjusted operating profit, its key profit measure, was £951 million in the six months to March 2nd, on revenues £9.73 billion, up 2 per cent. In a note attached to the update, ABF highlighted the impact of the increase in the Republic’s corporation tax rate for large companies from 12.5 per cent to 15 per cent this year, as provided for under the Organisation for Economic Co-operation and Development’s (
“Of these jurisdictions, the most noteworthy is Ireland, where the statutory tax rate is 12.5 per cent, but where there will be a local top up tax to 15 per cent,” ABF said. It means the group will not be exempt from paying its taxes at the top-up rate of 15 per cent in the Republic.
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