ABF TAKES A SUGAR HIT

HALF-YEAR profits at Primark owner ABF have slumped 15pc to £515m.

While sales across the group edged up by 1pc to £7.5bn in the 24 weeks to March 2, the group blamed the profit hit on an impairment within its grocery business and a historic £14m payout relating to its pension scheme. Lower prices at its sugar arm also weighed on ABF’s overall performance last year.

Sales within the division tumbled 13pc to £769m compared with a year earlier. The business has been hit by an oversupply of sugar being sold on the cheap across the EU.