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Great first half for dairy producer Clover
Great first half for dairy producer Clover
Clover Beverages Interim Statement
Clover Beverages Interim Statement

Clover H1 profit jumps


Business Day - Mar 16th 2011, 16:55

South African dairy foods maker Clover said on Monday headline earnings per share for the six months to end-December soared to 73.2 cents from 0.9 cents a year earlier 

Operating profit grew 43% to R176 million, the company said on Monday.

Revenue increased 10,8% to R3,023bn, followed by a 693% jump in headline earnings from continuing operations to R94 million.

"The impact of our various initiatives to save costs and improve efficiencies across the group, combined with lower input costs and market share gains, have resulted in a solid financial performance during the period," Johann Vorster, Clover's Chief Executive Officer, said in a statement.

"Operationally, we continue to gain market share from our competitors, especially in our beverage business which showed solid volume growth of 12,4%. Benefits unlocked through increased efficiencies across our supply chain were passed on to customers as part of Project Reset, which is aimed at ensuring an appropriate price premium for Clover's products relative to its competitors," he added.

"Looking ahead, whilst the extent of the economic recovery remains unclear and the cyclicality inherent to our business results in a typically weaker second half, we expect to deliver a positive performance for the full year," Vorster said.

The company declared an interim dividend of 10 cents per ordinary share. 

Read more about: supplier | results | dairy | clover

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