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Pioneer Food's revenue on the rise
Pioneer Food Group said on Friday, 14 February 2014, that for the four months to end January its revenue increased by 8.1% (excluding Quantum Foods) and 6.9% including Quantum Foods‚ respectively‚ compared to the comparative period in the prior financial year.
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Overall domestic volumes were flat given muted consumer spending and significant competition in certain categories‚ it said in a voluntary trading update.
Export volumes‚ in particular fruit‚ maintained good momentum.
"Significant and continued focus on cost reduction and efficiencies has had a positive effect on performance to date. The value enhancement initiatives embarked upon in the prior year are beginning to gain momentum‚" it added.
Half-year earnings are likely to benefit from these factors‚ as well as the low performance base of the corresponding period.
"The outlook for the remainder of the current financial year is particularly challenging given the inflationary pressures facing consumers at present.
"This could potentially translate into volume pressure for the group‚ compounded by rising input costs and rand weakness‚" it said.
Pioneer's results for the six months ending March 2014 are expected to be announced on or about 19 May 2014.
Source: I-Net Bridge
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