Wittington Investments, the parent company behind Primark and Fortnum & Mason, has reported rising profits across its retail portfolio, defying tough economic conditions.
The Weston family-owned group paid out £154m in dividends in the year to 14 September 2024, up from £128m the year before, the Times reported. Around £32m of this was distributed among the family and non-family shareholders.
The majority of the group’s profits came from its 56.2% stake in Associated British Foods (ABF), which owns Primark alongside household brands such as Twinings and Silver Spoon.
ABF posted a statutory operating profit of £1.9bn, up from £1.4bn the previous year, while revenues grew to £20bn. The company also launched a third share buyback programme of up to £500m in November.
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Primark, a major driver of ABF’s earnings, has faced increased scrutiny in recent weeks following the departure of its CEO Paul Marchant over allegations of inappropriate conduct.
Meanwhile, Fortnum & Mason delivered a strong performance with revenue up 9% to £228.3 m and pre-tax profit rising from £7.5m to £9.2 million.
The business attributed its growth to “increased international customers offsetting a more cautious domestic customer and a challenging UK economic backdrop”.
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