April 17, 2018 / 6:11 AM / a year ago

Primark-owner AB Foods' first-half profit held back by sugar

LONDON, April 17 (Reuters) - Associated British Foods on Tuesday reported a 1 percent fall in first-half profit, with a resilient performance at its Primark fashion business offset by a previously flagged reduction in sugar revenues.

For the six months to March 3 AB Foods, which also owns major ingredients and grocery businesses, made adjusted operating profit of 648 million pounds ($929 million). That compares with company guidance of a “flat” outcome and 652 million pounds made in the first half of its 2016-17 year.

The group maintained its full-year outlook, forecasting “progress” in both adjusted operating profit and adjusted earnings per share (EPS). ($1 = 0.6973 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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