Pioneer Foods said revenue growth had been "sustained at similar levels" to first half

Pioneer Foods said revenue growth had been "sustained at similar levels" to first half

South Africa's Pioneer Foods has said its annual earnings per share are likely to climb by 44-50%.

In earnings guidance for the 12 months to the end of September, the maker of Nature's Source breakfast cereal and Sasko bread said it expected headline earnings per share to reach between 562 to 585 cents.

Adjusted headline earnings per share from continuing operations - which excludes charges from a black economic empowerment transaction in 2006 and registering Quantum Foods as a discontinued operation - are forecast to increase by 38% to 43% to hit 625 to 648 cents a share.

Poultry processor Quantum Foods was spun off by Pioneer and listed in Johannesburg last month.

Pioneer said its earnings were boosted by "value enhancement initiatives" and a "continued focus on cost reduction and efficiencies". It added: "The strong performance from exports and joint ventures further contributed to the increase in profitability."

The company, which plans to report its full annual results on 24 November, said its revenue growth from continuing operations had been "sustained at similar levels" to the first half of its financial year.

In the six months to the end of March, Pioneer saw revenue rise 9% to ZAR8.8bn (US$777.3m).