<div class="at-above-post addthis tool" data-url="https://www.metro.us/ab-foods-cheered-by/"></div>By James Davey LONDON (Reuters) -Associated British Foods reported a halving in first half profit after COVID-19 lockdowns shuttered its Primark fashion stores but said it saw record sales when they reopened. The group, which also owns sugar, grocery, agriculture and ingredients businesses, said on Tuesday its adjusted profit before tax fell to 319 million […]<! AddThis Advanced Settings above via filter on get the excerpt ><! AddThis Advanced Settings below via filter on get the excerpt ><! AddThis Advanced Settings generic via filter on get the excerpt ><! AddThis Share Buttons above via filter on get the excerpt ><! AddThis Share Buttons below via filter on get the excerpt ><div class="at-below-post addthis tool" data-url="https://www.metro.us/ab-foods-cheered-by/"></div><!
The British firm expects up to 8% increase in revenue this year.
Avast shares were under 1% up in premarket trading on Tuesday.
Avast plc (LON: AVST) said on Tuesday that its quarterly revenue jumped 10% on an organic basis. On the back of hawkish performance in Q1, the company now forecasts its full-year revenue to come in near the upper end of its guidance.
Avast plc shares were reported under 1% up in premarket trading on Tuesday and gained another 4% on market open. Including the price action, the stock is now exchanging hands at 492 pence per share. In comparison, it had started the year 2021 at a higher 532 pence per share. The price action should come in handy if you are interested in investing in the stock market.
PRIMARK enjoyed record sales in England and Wales in the first week of reduced lockdown restrictions allowing stores to reopen, the company said. But the pandemic and forced closure of stores hit parent company Associated British Foods hard in the six months to February 27 with sales down 17 per cent to £6.3 billion and adjusted profits before tax down 50 per cent to £319 million. Primark s owner also revealed it will repay £121 million in furlough cash claimed for workers in the current financial year, including £72 million to the UK Government, and will not make any further claims under various government job retention schemes. Following the decision to repay taxpayer cash, the company also announced it will pay a 6.2p-a-share interim dividend to shareholders worth £49m.
Primark s owner has pledged to repay furlough cash it received and to dash out a dividend to shareholders as sales hit a record high in the first week after reopening its stores.
Over half of Primark stores in England and Wales broke their own sales record in the week of 12 April, when non-essential stores were allowed to welcome customers again.
Given the strength of sales since reopening, owner Associated British Food said it would repay £121million it received in furlough and hand shareholders a dividend of 6.2p a share, worth £49million, having scrapped payouts last year.
In demand: Primark stores were stormed by shoppers when they finally reopened this month
Covid recap for Leeds as vaccine passports reportedly coming next month
Reports suggest Boris Johnson is keen for coronavirus vaccine passports to be ready for May 17
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The UK could launch coronavirus vaccine passports as early as next month, reports suggest.
Prime Minister Boris Johnson is said to be keen for the passports to be ready for May 17 - when lockdown restrictions are set to ease further as part of the government s roadmap.
Government officials discussed the matter with top figures in the travel industry yesterday (April 21), reports the Mirror and the Telegraph.