Associated British Foods PLC on Monday said it now expects its full year adjusted operating profit to be ‘moderately’ ahead of last year amid a strong third quarter performance.

AB Foods is a London-based fast-fashion retailer, via the Primark store chain, and food manufacturer.

In the 12 weeks ended May 27, AB Foods reported group revenue of £4.7 million, up 16% against the prior year at constant currency. The company attributed this to double-digit percentage revenue growth at constant currency across all its businesses, apart from in Agriculture which saw 4% growth year-on-year.

AB Foods added that trading across its food businesses has continued to be strong, with strong constant currency sales growth driven by its ‘necessary pricing actions’ taken earlier in the year to offset cost increases.

As for retail, AB Foods said Primark has continued to trade in line with its expectations, with 13% sales growth on the back of higher average selling prices.

Shares in AB Foods were down 0.5% at 1,943.18 pence in London on Monday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.