The owner of Primark and food brands including Twinings has upgraded its profit forecast for this year as revenues jumped thanks to inflation-fuelled price increases and as shoppers bought summer clothes.
Associated British Foods (AFB), which also owns Ovaltine as well as a sugar business, said group sales rose by 16% to £4.7bn in the three months to 27 May. Sales at Primark were up 13% to nearly £2bn.
