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Primark-owner AB Foods' first-half profit held back by sugar

The new Primark store at Downtown Crossing in Boston on Sept. 8, 2015.
Wendy Maeda | The Boston Globe | Getty Images
The new Primark store at Downtown Crossing in Boston on Sept. 8, 2015.

Associated British Foods on Tuesday reported a 1 percent fall in first-half profit, with a resilient performance at its Primark fashion business offset by a previously flagged reduction in sugar revenues.

For the six months to March 3 AB Foods, which also owns major ingredients and grocery businesses, made adjusted operating profit of 648 million pounds ($929 million). That compares with company guidance of a "flat" outcome and 652 million pounds made in the first half of its 2016-17 year.

The group maintained its full-year outlook, forecasting "progress" in both adjusted operating profit and adjusted earnings per share (EPS).