AVI ups revenue, eyes festive season
Fin24 - Nov 2nd 2011, 10:06
Johannesburg - Industrial group AVI's group revenue for the quarter ended September 2011 was 10.9% higher than the same period in the prior year, largely due to improved sales volumes in most of its key units.
Price increases in the food and beverage categories in line with higher input costs and the benefit of favourable exchange rates on I&J's export sales also helped.
AVI chairperson Angus Band told the group's annual general meeting on Tuesday that the consolidated gross profit margin for the quarter was similar to that for the first quarter of the previous financial year which, together with higher sales volumes, yielded strong growth in operating profit and operating profit margin for the quarter.
He noted that I&J in particular showed material improvement with the benefit of favourable exchange rates, and AVI's fashion businesses continued strong operating profit growth.
The biscuit business showed a pleasing return to a stable and efficient operating performance, which supported volume and profit growth for the quarter.
"Trading conditions are expected to be challenging, with constrained consumer demand and tough price competition in many of our categories.
"Nevertheless, we are encouraged by the strong start to the 2012 financial year and believe that the company is well positioned to deliver sound earnings growth," he said.
"Results for the first half of the 2012 financial year are dependent on the continuity of the current level of consumer demand and in particular achieving targeted volumes over the festive season," said Band.
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