Wednesday preview: AB Foods update; UK manufacturing PMI due
By Michele Maatouk
Date: Tuesday 30 Jun 2026
(Sharecast News) - Wednesday will bring the release of a trading update from Primark owner Associated British Foods as well as the latest UK manufacturing PMI.
AJ Bell analysts Russ Mould and Danni Hewson said ABF's trading statement will give investors a first read on the group's expected second-half recovery and how a later start to the spring/summer season impacted sales trends at its fashion arm Primark.
"CEO George Weston said shareholders were supportive of the group's plans to demerge Primark from the food business," they said. The idea is to 'unlock' hidden value, but that only works if the business being spun out is firing on all cylinders.
"A key part of Primark's growth story lies in the US where first half sales grew 12% driven by new store openings, while Europe suffered like-for-like sales declines. The UK continues to 'hold the fort' sustaining positive like-for-like growth.
"The demerger is expected to happen between June and October of 2027, with both ABF and new entity Primark anticipated to be FTSE 100 constituents. The assumption that Primark will attract a higher valuation as a standalone business will be put to the test."
UBS said it expects retail sales growth of 0.8% for the third quarter, versus Visible Alpha consensus for 1% growth, with a like-for-like decline of 2.7%, versus VA consensus for a 3.7% drop. "Key areas of focus include any update on profit guidance including Primark margins alongside any commentary on current trading, consumer demand, and updates on the Primark demerger," the bank said.
Also in focus will be the S&P Global UK manufacturing PMI for June, along with the June RatingDog manufacturing PMI for China. Preliminary eurozone inflation data for June is also due.
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