AB Foods considers spinning off Primark after annual profits fall

Sign up for our email featuring expert insight and funding opportunities for entrepreneurs and SMEs Sign up

I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice .

The owner of Primark has said it is considering spinning off the retail chain from its food business after revealing a drop in its annual profits.

Associated British Foods (AB Foods) announced a review of the structure of the group alongside its full-year financial results.

The company reported an adjusted pre-tax profit of £1.7 billion for the year to September 13, a decline of 13% compared with the prior year.

Sales across Primark grew by 1% year-on-year to £9.5 billion, with stronger trading over the second half of the year helping to balance out a weaker first h