AVI grows full-year revenue after lifting prices
By Andries Mahlangu - Jul 25th 2017, 12:17
Food producer AVI grew its revenue 8.2% in the year to June, after increasing selling prices to mitigate against the effect of a weaker rand, which inflated input costs.
As a result, all business segments realised operating profit growth, the company said on Monday in a trading statement.
AVI operates in the fast-moving consumer goods (FMCG) 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.
Entyce and Snackworks delivered "sound" operating-profit growth, as did I&J, which was supported by a weaker rand. But the three-week industrial action in 2016 affected I&J’s operating profit by about R25m.
"Green Cross continued to make progress in growing retail space and revenue, but operating profit … fell below expectations in the face of increased competition and constrained consumer spending in the mid-priced footwear market," the company said.
Consolidated headline earnings per share, which strip out once-off items, rose between 8% and 10% from a year ago.
The share price was marginally lower at R97.08 in late afternoon trade on the JSE, valuing the company at about R34bn. © BusinessLIVE MMXVII
Great wine starts with good geography
13/07/2018 - 11:12
In an attempt to define the elusive concept of terroir, Wine Folly’s Madeline Blasberg narrows it down to connecting five dots.
SA factories do better than expected in May
12/07/2018 - 13:47
SA’s manufacturing output grew 2.3% in May from the same month in 2017, contradicting a drop predicted by the Absa purchasing managers index (PMI).
Unlocking export markets for SA’s vegetable industry
12/07/2018 - 07:59
Global opportunities are opening up for South African vegetable producers and exporters with the emergence of new markets in some Asian and African countries. This is due to an increase in middle-income earners, says Ezra Steenkamp, deputy director of international trade research at the Department of Agriculture, Forestry and Fisheries.
Trade wars turn up the heat on local consumers
11/07/2018 - 09:24
South African consumers face more pain from potential global trade wars and fuel increases, global payments company Mastercard said in a statement.
Global almond consumption on the rise
04/07/2018 - 13:09
According to the report "World: Almonds - Market Report. Analysis And Forecast To 2025", recently published by IndexBox, from 2007 to 2016, the value of the global almond market showed a stable dynamic trend.