Associated British Foods maintained full year earnings expectations, with growth at its Primark and Penneys discount fashion chains and progress at its grocery, ingredients and agriculture businesses offsetting continued weakness in its sugar operation.

The firm said on Monday it still expected a marginal decline in adjusted earnings per share (EPS) for its 2014-15 year from the 104.1 pence made in 2013-14.

Ahead of the publication of first half to February 28 results on April 21 it said underlying trading remained in line with expectations

As previously indicated, it said adjusted operating profit for the first half was expected to be lower than last year’s £497 million.

It said adjusted first half EPS are expected to be in line with last year, largely benefiting from a lower tax rate.

Reuters