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March 19, 2015

Sovereign Food Investments expects 50%-plus profit jump

Sovereign Food Investments, the South African poultry group, has said that it anticipates a jump in earnings of more than 50%.

Sovereign Food Investments, the South African poultry group, has said that it anticipates a jump in earnings of more than 50%. 

“Sovereign shareholders are advised that the Company’s earnings per share and headline earnings per share for the year ended 28 February 2015 are expected to be more than 50% higher than those of the of the previous corresponding period,” the company said in a regulatory filing. 

Sovereign revealed that it anticipates EPS and HEPS to be at least 87.8 cents, versus 58.5 cents, and 90.3 cents, versus 60.2 cents, respectively. 

The company will provide an updated trading guidance range when there is "more degree of certainty", Sovereign added. The group's full results are due to be published on 15 May. 

Shares were up 6.25% at 9.20am (SAST) in Johannesburg today (19 March). The company's stock price has gained 67.3% over the past year. 

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