South African dairy group Clover Industries said it delivered “positive” results in the second half of its financial year, after headline earnings dropped by one-third in the first half.

In a regulatory filing, the company said efforts to drive sales and improve profits yielded results in the last six months of the year. The company said an improved performance was driven by higher selling prices, reduced promotional activity, cost efficiencies and gains on currency exchange.

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The group forecast full-year headline earnings per share to grow by 0-5%, compared to a 33.5% drop in the first-half.

Clover is due to deliver its full-year results on 17 September.

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