Primark Spin-Off Consideration
Associated British Foods (AB Foods) is considering spinning off Primark from its food business after a drop in annual profits.
AB Foods reported an adjusted pre-tax profit of £1.7bn for the year to September 13, a decline of 13% compared to the prior year.
Sales across Primark grew by 1% year-on-year to £9.5bn, with stronger trading in the second half balancing out a weaker first half.
The company stated that no decision has been made, but the review may result in separating Primark from the food business.
No decision has been made but its review may result in the board deciding to separate Primark from the food business.
Author's summary: AB Foods considers Primark spin-off.