Associated British Foods, which owns Allied Bakeries and British Sugar, has reported a 13% rise in group revenue over the corresponding period last year, despite a 12% fall in sugar revenues, according to the company’s interim management statement.

During the 16 weeks to January 2008, the group said the rise in revenues had been "driven by strong growth from Primark, Agriculture, Grocery and Ingredients", but was "marginally offset by lower revenues from sugar".

The company added that while wheat prices remain high in the UK and Australia, they have been "successfully recovered through pricing".