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Food processing and retailing company Associated British Foods unveiled a special dividend after reporting a rise in annual profit, led by growth in its food businesses and an ongoing recovery at Primark following a pandemic-fueled impact.
For 53 weeks ended 18 September 2021, pre-tax profit grew 6% to £725 million as revenue was flat at £13,884 million.
Primark adjusted operating profit was up 15% to £415 million, while the food businesses delivered combined revenue of 5% and adjusted operating profit growth of 10% to £760 million.
Looking ahead, Primark is expected to continue to improve and for sales to increase by at least the estimated £2bn of sales lost due to store closures last financial year.
A total dividend of 34.3p per share was proposed, including a special dividend 13.8 pence and final dividend 20.5 pence.
'[W]e expect significant progress, at both the half and full year, in adjusted operating profit and adjusted earnings per share for the group,' the company said.