South Africa’s Pioneer Food Group has reported a 7% jump in group revenues for the three months ended 31 December.
In a trading update, the company, which manufactures products including read and breakfast cereals, said trading conditions for the three-month period “remained challenging within an ever increasing competitive landscape”.
The group did not provide specific sales figures but said volume growth “realised in major categories was pleasing, with the exception of the wheat and rice categories”.
Revenues in its bread business were up 19% and in breakfast cereals, up 21%.
“Pioneer Foods expects to report an improved adjusted operating profit and adjusted headline earnings performance for the six months ending 31 March 2015,” it added.