Trading at Associated British Foods (ABF), owner of the budget clothing chain Primark, was 'broadly positive' says Davy analyst Jack Gorman.

ABF updated the market today with a trading statement for the 16 weeks to 7 January.

'After a first quarter of strong revenue growth, supported by underlying growth and FX translation, Associated British Foods (ABF) has reiterated its FY guidance,' says Gorman.

'Revenue growth was 22% in the first 16 weeks of the year, up 10% in constant currency.

'Primark commentary was broadly positive. Underlying revenue growth was in line with the increase in average selling space (+12%), while margin commentary was in line with previous statements.'

Shares in ABF trade 1.6% lower at £26.57.

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