Tiger Brands reported "solid domestic performance"

Tiger Brands reported "solid domestic performance"

Tiger Brands has reported a 12% rise in turnover for the first four months of its financial year and in a trading environment the South Africa-based consumer goods group described as "difficult".

In a trading update, Tiger Brands said the growth in its turnover had been "driven by a solid domestic performance". However, the company revealed weak trading conditions on the rest of the continent, coupled with a stronger rand, hit its export business from South Africa and its international operations.

"The trading environment remains difficult. The focus will continue to be on optimising margins without sacrificing market share," Tiger Brands said. "This will be achieved through targeted investment in marketing and route to market activities, as well as through ongoing cost-saving initiatives."

The trading update came alongside news Tiger Brands had decided to quit Kenya with the sale of its 51% stake in local venture Haco Tiger Brands.

The sale comes just over a year after Tiger Brands sold its stake in another Nigerian business, Tiger Branded Consumer Goods of Nigeria.

In June last year, Tiger Brands decided to offload its majority holding in a venture in Ethiopia, East African Tiger Brands Industries.