Revenue from continuing operations was up 9% to R17.0bn‚ largely due to increased sales prices‚ as volumes across the group's basket increased by only 1%.
Operating profit from continuing operations‚ before items of a capital nature and adjusted for abnormal costs‚ increased by 7% to R1.27bn‚ with an operating margin of 7.5% slightly lower than the 7.6% achieved a year ago.
A final dividend per listed ordinary share of 86c was declared‚ up 23% from last year.
"Significant change is under way at Pioneer Foods to position the organisation more competitively. The organisation has shown resilience by producing a fair set of results in a constrained and highly competitive market environment‚" Pioneer Foods' chief executive Phil Roux said.
In September‚ the company announced its intention to unbundle Quantum Foods and to list it as a separate entity on the JSE next year. The listing would be subject to market conditions and regulatory requirements.
Pioneer Foods said the macroeconomic outlook remained bearish in SA and‚ as a consequence‚ food and beverage categories would remain under pressure and were likely to yield limited growth in real terms.
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
