Primark Considered for Spin-Off as Annual Profits Fall
Associated British Foods (AB Foods), the owner of Primark, is considering spinning off the retail chain from its food business after reporting a drop in annual profits.
The company announced a review of its structure alongside its full-year financial results, which showed an adjusted pre-tax profit of £1.7bn for the year to September 13, a 13% decline compared to the prior year.
Sales at Primark grew by 1% year-on-year to £9.5bn, with stronger trading in the second half of the year offsetting a weaker first half.
AB Foods told investors that no decision had been made, but its review may result in the board deciding to separate Primark from the food business.
Author's summary: Primark spin-off considered amid profit fall.
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