Food producer AVI grew its revenue 8.2% in the year to June, after increasing selling prices to mitigate the effect of a weaker rand, which inflated input costs. As a result, all business segments realised operating profit growth, the company said on Monday in a trading statement.
AVI operates in the fast moving consumer goods (FMCG) market, competing with established players such as Pioneer Foods and Tiger Brands. But the company is also exposed to the competitive retailer sector, through Spitz and other brands.
Through I&J, AVI operates a fishing business, which pits it against the likes of Sea Harvest and Premier Fishing, both of which listed earlier in 2017.
Entyce and Snackworks delivered "sound" operating-profit growth, as did I&J, which was supported by a weaker rand. But the three-week industrial action in 2016 affected I&J's operating profit by about R25m.
"Green Cross continued to make progress in growing retail space and revenue, but operating profit "fell below expectations in the face of increased competition and constrained consumer spending in the mid-priced footwear market," the company said.
Consolidated headline earnings per share, which strip out once-off times, rose between 8% and 10% from a year ago.
The share price was marginally lower at R97.08 in late trade on the JSE, valuing the company at about R34bn.
I-Net Bridge For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.