Weston family secures robust returns amid strong retail performance

Wittington Investments, the parent company behind Primark and Fortnum and Mason, has reported increased profits across its retail portfolio, going against wider economic trends.

The company, which is owned by the Weston Family, paid out £154m in dividends in the year ended 14 September 2024, up from £128m the year before, according to reports from the Times.

Of this £154m, it is estimated that around £32m of this was distributed among the family and non-family shareholders.

The majority of this profit came from the company’s 56.2% stake in Associated British Foods (ABF). ABF owns Primark as well as 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.

Fortnum and Mason delivered a strong performance with revenue up 9% to £228.3m and pre-tax profit rising from £7.5m to £9.2m.

Primark has faced increased scrutiny in recent weeks following the departure of its CEO Paul Marchant over allegations of inappropriate conduct.

An investigation into the allegation was initiated by ABF and carried out by external lawyers following the claim.

ABF said Marchant cooperated with the investigation, acknowledged his “error of judgement” and “accepts that his actions fell below the standards expected by ABF”.

It added that he made an apology to the individual concerned, the ABF board and other Primark employees.