A STRING of acquisitions since Rhodes Foods listed on the JSE in October 2014 helped its interim revenue jump 53.5% to R2bn, the company reported on Monday.Aftertax profit in the six months to end-March was up 89.2% to R110m.Rhodes does not pay an interim dividend. Its policy is to pay a third of its diluted headline earnings per share (HEPS) at its financial year to end-September.Its interim revenue included sales from acquisitions Pacmar, Boland Pulp, Saint Pie and Deemster for the full six months while General Mills was included for four months and Alibaba Foods for two months. These acquisitions contributed 37.4% to the growth in turnover.The severe drought affecting large parts of SA had had only a limited effect on the group, CEO Bruce Henderson said in the results statement.But if the drought persisted, it could hurt the group’s production costs and volumes in the second half of its financial year.Rhodes, whose brands include Bull Brand, Magpie and Squish, said it intended to...
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