AVI’s full-year HEPS rise in line with guidance
By Andries Mahlangu - Sep 11th 2017, 11:17
Food producer AVI has reported a 9.4% rise in full-year headline earnings per share (HEPS) to R5.08, which was in line with its recent guidance.
Revenue rose 8.2% to R13.18bn in the year to end-June, after it increased selling prices to counter the effect of a weaker rand, the company said in a statement on Monday
AVI operates in the fast moving consumer goods market‚ competing with established players such as Pioneer Foods and Tiger Brands. But the company is also exposed to the competitive retail 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.
Most of its underlying businesses, including Entyce Beverages and Snackworks, contributed to headline earnings, which grew to R1.65bn from R1.49bn.
The other divisions are personal care, and footwear and apparel.
The consumer goods group said the trading environment was likely to be as challenging in the new financial year, with little chance of a meaningful improvement in consumer spending.
A final dividend of R2.43 per share was declared, taking the total to R4.05, which was up 9.5% on the year-earlier period.
AVI shares have grown 7% to R97.54 on the JSE so in 2017, valuing the company at R34.2bn.© BusinessLIVE MMXVII
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