Food processing and retail company Associated British Foods (ABF) has reported its revenues for the fiscal ending 17 September 2022 grew 22% to £16.99bn.

The company’s statutory operating profit for the fiscal was £1.17bn, up 46% compared to the prior fiscal and its adjusted operating profit rose 42% to £1.43bn.

ABF, which owns fast fashion retailer Primark, posted adjusted profit before tax of £1.35bn and statutory profit before tax of £1.07bn.

Its basic earnings per share (EPS) grew 46% to 88.6p.

During the year, Primark registered total sales of £7.7bn, marking a 43% increase on a 52-week comparable basis at constant currency from the prior year.

The fashion retailer reported an improved full-year adjusted operating profit margin of 9.8%.

Associated British Foods chief executive George Weston said: “The group delivered strong revenue and profit growth this year in a clear demonstration of the benefits of our diversification, brand strength, and of our commitment to disciplined financing and investment.

“The performance was achieved despite pandemic-induced disruption being followed by high and volatile input cost inflation. Our Food businesses continued to play their important role in providing safe, nutritious food in an era of supply chain disruption and high inflation.

“Sales, margin and profits at Primark increased significantly as more normal customer behaviour resumed after the pandemic. Significant progress was made in building out Primark’s digital capability, which will be a key element in the future development of Primark.”

ABF expects full-year sales to show significant growth and reduced adjusted operating profit and adjusted earnings per share than fiscal 2022.

The company also expects sales growth for Primark to be driven by pricing and acceleration of selling space expansion.

Weston added: “The group remains financially strong with good cash generation and substantial liquidity, and we are announcing this year a share buyback programme of £500m together with an 8% increase in the total dividend.”