Associated British Foods (ABF), owner of Primark, attributed the rise to robust performance over the Christmas period – and said the results provided a solid foundation for the clothing chain’s expansion into North America this autumn. Last year, ten new Primark stores opened in Europe (including branches in France, Germany and the Netherlands), bringing the number of Primark stores worldwide to 287 – and the amount of Primark retail selling space overall to 10.7mi square foot.

However, the strong performance of Primark was offset by problems elsewhere within ABF’s stable of businesses (which include Kingsmill, Ovaltine, Ryvita and Silver Spoon); the half-year pre-tax profits of ABF were down 51 per cent (to £213m) overall. The food and retail giant attributes this fall to declining sugar prices across the EU (which are down 40 per cent per tonne from two years ago), which meant the company’s sugar unit registered a £3m operating loss in the half-year period.

“This is a sound trading result with significant progress made in operating profit by Primark, Agriculture and Ingredients, and further improvement in Grocery’s margin,” said George Weston, chief executive of ABF.

“Primark’s performance was driven by significant expansion of selling space and superior trading by the stores opened in the last 12 months and plans for its entry into the US are well-advanced.”