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		</div><p>Primark owner Associated British Foods has announced half-year pre-tax profits up 4% to £466m.</p>
<p>The company said like-for-like sales at Primark compared to the same period last year were broadly flat, with warm weather across Europe hitting its performance. Profits at the budget fashion retailer were down 3% to £322m although sales rose 5% to £2.6bn.</p>
<p>It added that trading at its two US Primark stores has been &#8220;encouraging&#8221; and it plans to opens six more outlets in the country this year.</p>
<p>Overall, group revenue declined 2% to £6.1bn.</p>
<p>Associated British Foods chief executive George Weston said: &#8220;These results demonstrate underlying progress for all of our businesses in the period despite currency.</p>
<p>&#8220;Good buying and selling space expansion continued at Primark, cost reduction and performance improvements contributed to a better result at Sugar, profits were well ahead at Ingredients, and profit margins improved at Grocery and Agriculture.&#8221;</p>
<p>Sugar sales fell 9% to £843m but the division delivered a £6m profit, driven by cost savings. Profits at ABF&#8217;s grocery unit, which houses Twinings tea and Ryvita, rose 2% to £130m.<br />
The group added that its currency problems have started to ease.</p>
<p>&#8220;The weakening of sterling in recent weeks, particularly against the euro, will ease the effect of currency translation on this year&#8217;s results assuming current rates prevail, reducing our previous estimate of £25m to £10m,&#8221; ABF said.</p>
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