Primark owner Associated British Foods reported better-than-expected profit for the year on lower costs and lifted its dividend payout.The stock is among the top risers on the U.K. blue chip index FTSE 100,

Associated British Foods reported a 32% rise in full-year profit, with a robust performance from its grocery division and a solid outcome from its Primark clothing business partially offset by accelerating weakness in its sugar operations.

Primark owner ABF (Associated British Foods) has reported a jump in profits despite a wet summer dampening sales of swimwear and holiday clothes.The owner of the fast fashion brand reported a 43% rise in profits before tax,

Associated British Foods Plc’s annual profit jumped and the company said momentum at its Primark clothing chain and food division is expected to continue this fiscal year, helped by easing input costs.

Associated British Foods said it was well set-up for medium term growth, as it reported a 32% rise in full-year profit, driven by robust performances from its Primark clothing business and grocery division.

Primark owner Associated British Foods reported profit for the year ahead of expectations and lifted its dividend payout as it flagged more normalized markets and supply chains.