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February 3, 2017

South Africa’s AVI sees food units grow profits in H1

South African consumer goods group AVI has reported a 12% rise in first-half revenues, with "contextually pleasing volume growth" across most of its grocery businesses.

By Dean Best

South African consumer goods group AVI has reported a 12% rise in first-half revenues, with “contextually pleasing volume growth” across most of its grocery businesses.

The company, which is set to publish its results for the six months until the end of December in four weeks’ time, said its Snackworks division “performed soundly, with good growth in operating profit during the period”.

AVI did note its grocery portfolio, which also includes its Entyce beverage unit, had yet to see selling prices “fully recover rising input costs”.

I&J, AVI’s chilled and frozen food arm, saw profits rise but its earnings were dampened by what the company called “an illegal strike” at its fishing operations.

AVI’s group-wide revenues were up 11.6%. The company did not provide specific figures for its revenues or profits.

AVI said it expects its group headline earnings per share to have risen 7-9% in the first half of its financial year. In the corresponding period a year earlier, AVI’s headline earnings per share were 281.6 cents.

The company expects its earnings per share to be up 8-10% on the 279.9 cents it booked in the first half of its last financial year.

The group is scheduled to report its first-half results on 6 March.

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