# Associated British Foods PLC

Summary updated: 2026-10-04T14:33:04.51134Z
Canonical: https://finbar.com/research/companies/associated-british-foods-plc

## Overview

Associated British Foods plc (ABF) is an international group spanning food, ingredients and retail. Its five core businesses are Grocery, Sugar, Agriculture, Ingredients and Retail; its products range from branded foods and baking ingredients to animal feed and Primark clothing, footwear and accessories. Grocery brands include Twinings, Ovaltine, Patak’s and Kingsmill. [1](https://www.abf.co.uk/investors/annual-report-2025) [2](https://www.abf.co.uk/our-businesses/food/grocery) [3](https://www.abf.co.uk/our-businesses/food/ingredients) [4](https://www.abf.co.uk/our-businesses/retail)

ABF’s stated purpose is to provide safe, nutritious and affordable food, and clothing that is great value for money. In its FY2025 reporting, for the 52 weeks ended 13 September 2025, the group reported £19.459 billion in revenue and 138,000 employees, with operations in 56 countries. [5](https://www.abf.co.uk/about-us/our-purpose-and-values) [1](https://www.abf.co.uk/investors/annual-report-2025) [6](https://www.abf.co.uk/about-us/where-we-operate)
[1](https://www.abf.co.uk/investors/annual-report-2025)[2](https://www.abf.co.uk/our-businesses/food/grocery)[3](https://www.abf.co.uk/our-businesses/food/ingredients)[4](https://www.abf.co.uk/our-businesses/retail)[5](https://www.abf.co.uk/about-us/our-purpose-and-values)[6](https://www.abf.co.uk/about-us/where-we-operate)

## Products & services

Associated British Foods’ Grocery portfolio includes Twinings teas and infusions, Ovaltine malted beverages and snacks, Patak’s spice blends and Indian foods, Jordans wholegrain cereals, Blue Dragon ingredients for Asian cuisines, and Mazzetti Balsamic Vinegar of Modena. Its international brands collectively account for approximately one-third of Grocery sales. [7](https://app.finbar.com/go?id=P78389458)[8](https://app.finbar.com/go?id=P72218382)[9](https://app.finbar.com/go?id=P30353588)[10](https://app.finbar.com/go?id=P10637514)
[7](https://app.finbar.com/go?id=P78389458)[8](https://app.finbar.com/go?id=P72218382)[9](https://app.finbar.com/go?id=P30353588)[10](https://app.finbar.com/go?id=P10637514)

## Geographic presence

Associated British Foods operated in 56 countries at the end of FY2025, with businesses across Europe, the Americas, Australia, Africa and Asia. The group employed 138,000 people, of whom 68% were based outside the UK. The FY2025 annual report does not provide a group-wide revenue breakdown by country or region. [11](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/annual-and-interim-reports/2025/abf-annual-report-2025.pdf.downloadasset.pdf)

Primark had 473 stores in 17 countries. Its FY2025 sales mix was 45% in the UK and Ireland, 49% in Europe excluding the UK and Ireland, and 6% in the US; these figures describe Primark, not the group as a whole. [12](https://app.finbar.com/go?id=P34871215) [1](https://www.abf.co.uk/investors/annual-report-2025)
[12](https://app.finbar.com/go?id=P34871215)[11](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/annual-and-interim-reports/2025/abf-annual-report-2025.pdf.downloadasset.pdf)[1](https://www.abf.co.uk/investors/annual-report-2025)

## Business segments

For the year ended 13 September 2025, Associated British Foods reported five principal business segments: Retail, Grocery, Ingredients, Sugar and Agriculture. Based on each segment’s external revenue as a share of the reported £19,459m total, Retail (Primark) contributed £9,489m, approximately 48.8%; Grocery £4,125m, 21.2%; Ingredients £2,041m, 10.5%; Sugar £2,188m, 11.2%; and Agriculture £1,616m, 8.3%. [13](https://app.finbar.com/go?id=T11785028)

Retail is Primark’s fashion retail business. [14](https://app.finbar.com/go?id=P118897518) Grocery includes branded food businesses such as Twinings and Ovaltine. [15](https://app.finbar.com/go?id=P42760981) Ingredients includes AB Mauri’s yeast and bakery-ingredients business. [16](https://app.finbar.com/go?id=P44447283) Sugar covers the group’s sugar operations, while Agriculture includes animal-feed and nutrition activities. [17](https://app.finbar.com/go?id=P88538072)[18](https://app.finbar.com/go?id=P40192965)

The report also presents an alternative revenue reconciliation in which £134m of disposed and closed businesses is grouped with “Central, disposed and closed businesses” rather than Sugar. In that presentation, Sugar’s continuing-business revenue is £2,054m; this changes the revenue allocation, not the five principal segments. [19](https://app.finbar.com/go?id=T7876203)
[13](https://app.finbar.com/go?id=T11785028)[14](https://app.finbar.com/go?id=P118897518)[15](https://app.finbar.com/go?id=P42760981)[16](https://app.finbar.com/go?id=P44447283)[17](https://app.finbar.com/go?id=P88538072)[18](https://app.finbar.com/go?id=P40192965)[19](https://app.finbar.com/go?id=T7876203)

## Company history

In 1935, W. Garfield Weston invested in seven British bakeries, establishing Allied Bakeries, the business that became the foundation of Associated British Foods (ABF). The group diversified beyond baking and adopted the Associated British Foods name in 1960; its early expansion included bakery operations in Australia and New Zealand and the formation of George Weston Foods in 1962. [20](https://www.abf.co.uk/about-us/our-history) [21](https://www.company-histories.com/Associated-British-Foods-plc-Company-History.html)

ABF expanded into retail through its 1967 acquisition of Fine Fare, which it sold in 1986, and into clothing retail when Arthur Ryan opened the first Penneys store in Dublin in 1969; the chain later became Primark outside Ireland. [20](https://www.abf.co.uk/about-us/our-history) [22](https://corporate.primark.com/en-us/a/about-us/who-we-are) In 1991, ABF acquired British Sugar, and in 2006 it bought a majority stake in Illovo Sugar, broadening its sugar operations internationally. [23](https://www.britishsugar.co.uk/about-us/our-history) [24](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/results-and-presentations/2006/2006_review_annual_results_announcement.pdf.downloadasset.pdf)

In 2005, ABF acquired Littlewoods’ retail stores, supporting Primark’s UK expansion, and George Weston became group chief executive. [25](https://www.gov.uk/cma-cases/associated-british-foods-plc-littlewoods-stores) [26](https://www.investegate.co.uk/announcement/rns/associated-british-foods--abf/appointment-/651650) The group continued to add food businesses, including the Patak’s brand in 2007. [27](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/annual-and-interim-reports/2007_annual_report.pdf.downloadasset.pdf) In 2026, ABF completed its acquisition of Hovis, adding another major British bakery business to its portfolio. [28](https://www.abf.co.uk/media/news/2026/abf-completes-acquisition-of-hovis-group-limited)
[20](https://www.abf.co.uk/about-us/our-history)[21](https://www.company-histories.com/Associated-British-Foods-plc-Company-History.html)[22](https://corporate.primark.com/en-us/a/about-us/who-we-are)[23](https://www.britishsugar.co.uk/about-us/our-history)[24](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/results-and-presentations/2006/2006_review_annual_results_announcement.pdf.downloadasset.pdf)[25](https://www.gov.uk/cma-cases/associated-british-foods-plc-littlewoods-stores)[26](https://www.investegate.co.uk/announcement/rns/associated-british-foods--abf/appointment-/651650)[27](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/annual-and-interim-reports/2007_annual_report.pdf.downloadasset.pdf)[28](https://www.abf.co.uk/media/news/2026/abf-completes-acquisition-of-hovis-group-limited)

## Sources

1. [www.abf.co.uk](https://www.abf.co.uk/investors/annual-report-2025)
2. [www.abf.co.uk](https://www.abf.co.uk/our-businesses/food/grocery)
3. [www.abf.co.uk](https://www.abf.co.uk/our-businesses/food/ingredients)
4. [www.abf.co.uk](https://www.abf.co.uk/our-businesses/retail)
5. [www.abf.co.uk](https://www.abf.co.uk/about-us/our-purpose-and-values)
6. [www.abf.co.uk](https://www.abf.co.uk/about-us/where-we-operate)
7. [Associated British Foods PLC — Full financial report (2025 Y), p5](https://app.finbar.com/go?id=P78389458)
8. [Associated British Foods PLC — Full financial report (2025 Y), p26](https://app.finbar.com/go?id=P72218382)
9. [Associated British Foods PLC — Full financial report (2025 Y), p27](https://app.finbar.com/go?id=P30353588)
10. [Associated British Foods PLC — Press release (2026 H 1), p7](https://app.finbar.com/go?id=P10637514)
11. [www.abf.co.uk](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/annual-and-interim-reports/2025/abf-annual-report-2025.pdf.downloadasset.pdf)
12. [Associated British Foods PLC — Full financial report (2025 Y), p19](https://app.finbar.com/go?id=P34871215)
13. [Associated British Foods PLC — Full financial report (2025 Y), p171](https://app.finbar.com/go?id=T11785028)
14. [Associated British Foods PLC — Full financial report (2025 Y), p21](https://app.finbar.com/go?id=P118897518)
15. [Associated British Foods PLC — Full financial report (2025 Y), p27](https://app.finbar.com/go?id=P42760981)
16. [Associated British Foods PLC — Full financial report (2025 Y), p33](https://app.finbar.com/go?id=P44447283)
17. [Associated British Foods PLC — Full financial report (2025 Y), p6](https://app.finbar.com/go?id=P88538072)
18. [Associated British Foods PLC — Full financial report (2025 Y), p42](https://app.finbar.com/go?id=P40192965)
19. [Associated British Foods PLC — Full financial report (2025 Y), p224](https://app.finbar.com/go?id=T7876203)
20. [www.abf.co.uk](https://www.abf.co.uk/about-us/our-history)
21. [www.company-histories.com](https://www.company-histories.com/Associated-British-Foods-plc-Company-History.html)
22. [corporate.primark.com](https://corporate.primark.com/en-us/a/about-us/who-we-are)
23. [www.britishsugar.co.uk](https://www.britishsugar.co.uk/about-us/our-history)
24. [www.abf.co.uk](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/results-and-presentations/2006/2006_review_annual_results_announcement.pdf.downloadasset.pdf)
25. [www.gov.uk](https://www.gov.uk/cma-cases/associated-british-foods-plc-littlewoods-stores)
26. [www.investegate.co.uk](https://www.investegate.co.uk/announcement/rns/associated-british-foods--abf/appointment-/651650)
27. [www.abf.co.uk](https://www.abf.co.uk/content/dam/abf/corporate/Documents/investors/annual-and-interim-reports/2007_annual_report.pdf.downloadasset.pdf)
28. [www.abf.co.uk](https://www.abf.co.uk/media/news/2026/abf-completes-acquisition-of-hovis-group-limited)

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