Shares in Associated British Foods, the company behind British Sugar and Primark have soared 54% over the last year.

While much of the success has been driven by the retail division, sugar and agriculture remain critical to the group. Last year sugar and agri together made up 30% of group revenue and contributed 41% to group operating profits.

However, last week the £13.3bn (€16.8bn) diversified food group said sugar sales have slumped 20% over the last 40 weeks, while analysts are expecting another major decline in sugar profits in 2014-15.

The company, which also has a joint venture with Frontier Agri, stated that agriculture revenues were 10% behind last year in the quarter with lower commodity prices reducing sales values.

Meanwhile, their £1.1bn (€1.4bn) ingredients segment was particularly affected by the strength of sterling in the last quarter, with reported revenues 5% lower than last year.