Pioneer Foods Group on Monday reported a 6% rise in full-year adjusted headline earnings per share (HEPS) to R8.83, which was in middle range of its recent guidance. The food producer, which houses well-known brands such as Bokomo and Liqui-Fruit, grew revenue 12% to R20.60bn in the year to end-September from the year-earlier period. The revenue line excludes Pepsi, biscuits and Maitland Vinegar, which the company sold in 2015. The JSE mid-cap company said the effect of the drought on maize and other crops, the exponential increase in the wheat import duty, rand volatility and the resultant cost push in a weak consumer environment affected its performance. Profitability in the essential foods division, which is the biggest division, contracted 2% to R1.24bn. The grocery division fared better, with profitability rising to R541.6m from R434.5m. The weaker currencies on the African continent also affected its translated international export revenue, the company said. Revenue in this se...
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