• Pre-tax profits up 4%
  • Sales rise 12% on FX
  • Outlook remains “cautious”

Associated British Foods this morning (3 November) posted a jump in full year sales and profits, which were boosted by improving profitability at its sugar business and "excellent" growth at fashion retailer Primark.

Pre-tax profit rose 4% to GBP655m (US$1.07bn), the maker of Kingsmill bread and Silverspoon sugar said in its earnings statement.

Sales were up 12% to GBP9.3bn, as the weakness of the sterling lifted overseas revenues.

Looking to the year ahead, ABF said it remained "cautious" in its outlook for the UK because the "scale and speed" of economic recovery remains "uncertain".

However, CEO George Weston added: "The pace of development activity has increased and all our businesses are well equipped to deliver future growth."

Click here for the full press release, or check back later for just-food's post conference call insight.