Pioneer Foods has reported an increase in full year profits

Pioneer Foods has reported an increase in full year profits

Pioneer Foods, the South African group, has reported an increase in annual sales and earnings.

The company booked a 30% increase in adjusted headline earnings per share to 832 cents for the period ended 30 September. 

Earnings rose 17% to ZAR1.13bn (US$91.8m), adjusted for the impact of an impairment charge associated with the October 2014 unbundling of the Quantum Foods business.

Adjusted operating income was up 28% to ZAR2.15bn.

Revenues in the company rose 6% to ZAR18.7bn.

Pioneer said its essential foods division - comprising rice and pasta - "delivered exceptional results in a low growth and contested environment, whilst successfully navigating challenging soft commodity procurement vagaries".

Despite the under-performance of smaller brands in its groceries division, Pioneer said it saw "excellent growth in wheat biscuits" with the unit growing its operating profit by 26%.

Pioneer's international arm benefited from "favourable international supply and demand dynamics in fruit exports in the second half".