South African food producer AVI grew its revenue by 8.2% in the year to the end of June, it has announced.
Commenting on trading conditions ahead of its full-year results update, AVI revealed it had increased prices to mitigate against the effect of a weaker rand and rising raw material costs during the 12 month period.
Go deeper with GlobalData
As a result, all business segments realised operating profit growth, the company said on Monday (24 July) in a trading statement.
AVI operates in the fast-moving consumer goods market and is also exposed to the competitive retail sector. Through I&J, AVI operates a fishing business, which pits it against the likes of Sea Harvest and Premier Fishing.
Entyce and Snackworks delivered “sound” operating-profit growth, as did I&J, which was supported by a weaker rand. But the three-week industrial action in 2016 affected I&J’s operating profit by about R25m (US$1.91m).
See Also:
Consolidated headline earnings per share, which strip out one-off items, rose between 8% and 10% from a year ago.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAVI said: “The group’s brands performed acceptably in a challenging demand environment caused by increasingly weak macroeconomic conditions and ongoing political uncertainty.”
The company is scheduled to release its full results for the fiscal on 11 September.
