Shares in Primark owner AB Foods (LON:ABF) sunk nearly 3 percent on Wednesday, despite a surge in profits in the year to September.

A recovery in its sugar business and continued strong performance from its clothing business Primark boosted adjusted operating profit by 22 percent to hit £1.36 billion.

Revenues were also up 19 percent, with full year profits for the year up by 50 percent as Primark continues to defy the lull in consumer confidence hitting the High Street.

The strong results were boosted by the sterling’s weakness, with 60 percent of the company’s sales coming from abroad. However AB Foods warned investors going forward that the positive momentum may not continue, with sugar prices set to fall and the High Street facing increasing reports of negative consumer confidence.

Analysts took their cue from this statement rather than the positive results, sending shares down over 4 percent on Tuesday, with the downward spiral continuing into Wednesday morning. Shares in the group are currently trading down 2.95 percent at 3,123.00 (1348GMT).