Tiger Brands shares fall as it warns of woes beyond listeriosis
By Robert Laing - Aug 16th 2018, 10:23
Tiger Brands’ share price fell 9% to R298.60 after it warned shareholders its listeriosis woes had been compounded by higher fuel prices and other problems.
Tiger Brands said it expected to report on November 22 that its headline earnings per share (HEPS) for the year to end-September declined by between 22% and 37%.
The consumer goods group said it had suffered "significant cost increases derived from the adverse movement in the rand, fuel price increases, labour settlements and higher administered costs, which have yet to be recovered in selling price increases".
In its interim results, Tiger Brands reported that costs related to it recalls of polony and other cold meat products following listeriosis-related deaths amounted to R365m.
This had contributed to its interim HEPS declining 16% to R8.68.
Tiger Brands said that there was no material change to its previous guidance on "the significant impact of the recall of products and suspension of operations involving certain of the company’s value-added meats processing facilities".
The group said its 2018 financial year results would also include further impairments of intangible assets in its personal care division.
Tiger Brands also reported that Gail Klintworth had replaced Swazi Tshabalala as an independent nonexecutive director following Tshabalala’s appointment as African Development Bank chief financial officer.
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