The extraordinary success of the budget Primark clothing chain has often diverted attention from the other brands of its owner, Associated British Foods, which include staples such as Ovaltine and Twinings, as well as agriculture and food ingredients and the huge operation including British Sugar.
This is a shame because, in many ways, that rest is rather more interesting. Ignoring Primark, sales to date in the UK were up 9 per cent in the first 40 weeks of the financial year, which ends in September. This, though the company never breaks it down, is probably half from new stores and half from like-for-like gains.
More importantly, the second-half margin, which had been expected to fall from the 10 per cent in the first half because