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Pioneer Foods adjusted earnings up 58% to 353c

20 May 2014

Pioneer Food Group has reported a 41% rise in adjusted headline earnings per share to 325c from its continuing operations for the six months to March.

Pioneer has increased its earnings by 58% and its dividend by 41% Image Free Digital Photos

Pioneer says revenue from continuing operations increased by 9% to R8.8bn‚ largely as a consequence of increased selling prices‚ higher exports and the sales mix.

Volumes across the group's basket increased by 0.4%. Revenue‚ inclusive of Quantum Foods‚ increased by 7% to R10.6bn.

Quantum was accounted for as an asset held for sale. In September last year‚ Pioneer said it intended to unbundle Quantum and list it as a separate legal entity on the JSE during this year.

"The listing is likely to be early in the new financial year‚ subject to market conditions and regulatory requirements," Pioneer said in a statement

Pioneer increased its interim gross dividend per share by 41% to 65c.

"Prospects for Pioneer Foods remain good despite strong economic competition‚" the group said, adding that the group's critical focus was on growing its market share.

Source: I-Net Bridge

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