FTSE LIVE: Primark gives ABF a boost amid sugar slump; Imperial Brands knocked by vaping slowdown; boss of Topps Tiles quits; US markets tipped to extend gains
- ABF posts rise in annual profit, bolstered by fashion group Primark
- But, Primark’s margins due to take temporary hit amid weak pound
- Imperial Brands suffers annual slip in profits amid vaping regulation
- Boss of Topps Tiles, Matt Williams, to quit post by end of the month
- All eyes on US market opening today after last night’s record surge
Associated British Food posted a slight rise in profit for the last 12 months, as a strong showing in fashion arm Primark offset a sharp slowdown in its embattled sugar business.
Meanwhile, Imperial Brands has revealed it suffered a fall in annual profits. The group said 2019 had been a ‘challenging year with results below expectations.’
The boss of Topps Tiles, Matt Williams, has announced he is quitting the group at the end of this month.
Williams, who is being replaced by finance boss Rob Parker, will leave the helm on 29 November, but remain with the group until the end of May next year.
Looking across the pond, shares on Wall Street hit a record high last night amid hopes that the US and China are closing in on a trade deal.