There are so many parts to Associated British Foods’ business that it is nigh on impossible that they can be firing on all cylinders at all times. This is a business that owns Primark, the value fashion chain, grocery brands such as Twinings and Ovaltine,sugar cane fields in Africa and abattoirs in Australia.
Not so long ago, ABF’s sugar division was causing the most headaches as the conglomerate contended with plummeting global sugar prices and a glut of supply in the European Union. Yesterday, though, all was sweetness and light in the sugar business and it was the once seemingly unstoppable Primark that was a slight cause for concern.
Having reported a small like-for-like sales drop of -1 per cent at the half-year, Primark’s