Primark owner Associated British Foods PLC (LSE:ABF) benefited from strong margin recovery and operational improvements in the first half to deliver a bumper set of interim results.
Though group revenue only ticked 2% higher to £9.7 billion, adjusted operating profit ran up 39% to £951 million, with adjusted earnings per share (EPS) increasing 46% to 90.4p.
Profit before tax added 37% to £881 million.
Strong cash generation resulted in a 46% hike to AB Foods’ interim dividend. Shareholders can expect a 20.7p cash return payable on 5 July.
Chief executive George Weston called them “a very strong set of financial results”.
“We are now benefitting from the restoration of some normality in our markets and in our supply chains…
“Looking ahead, we continue to invest with discipline to build further sustainable growth. Geopolitical risks remain, of course, and the consumer has yet to fully emerge from cost of living pressures.
“But the group is well positioned to deliver good returns to shareholders."