Overview
- ABF disclosed a strategic review that could separate Primark from its grocery, ingredients, agriculture and sugar operations, with no decision yet and an update due before April 2026.
- Chief executive George Weston said a separation, if approved, could take up to 18 months to execute and argued the food arm is underappreciated by markets.
- Full‑year results showed group revenue down about 3% to £19.5bn and adjusted pre‑tax profit at roughly £1.7bn, down 13%, hurt by losses in sugar and the closure of the Vivergo bioethanol plant.
- Primark sales reached about £9.5bn, up 1%, with like‑for‑like declines in the UK and Ireland offset by 20% growth in the US; retail adjusted operating profit rose 2% to £1.1bn with an 11.9% margin.
- Shares slipped around 1% to 2.5% after the announcement, and analysts said a split could lift valuations over time but is unlikely to be completed in the next year.