An “excellent” performance from Primark, Associated British Foods’ discount fashion retail chain, was not enough to offset weakness in some of its other businesses, causing interim results to be “slightly lower” than last year, the group said.

ABF, whose brands include Kingsmill bread, Ovaltine drinks, Silver Spoon sugar and Ryvita crispbread, said profits from its grocery division would fall in the first half. A “substantial margin reduction” at ACH, its North American edible oils business, which includes the Mazola brand, and downtrading by consumers were blamed.