For what feels like too long, the only thing that has seemed really sweet about Associated British Foods has been Primark and groceries (Miles Costello writes).
The runaway success of the blue-chip group’s high street discount clothing chain and the strength of its brands, such as Twinings tea and Ovaltine, have for the past three years offset a decline in profits at its sugar division driven by falling prices in the wake of rule changes by the European Union.
A strong recovery in the sugar market this year, however, combined with years of cost cutting by the company, has made it more upbeat about the outlook; could its fortunes in sugar finally be on the up?
Associated British Foods started life in November 1935 as