AVI expects positive HEPS figure despite tough trading conditions
Fast-moving consumer goods group AVI expects its headline earnings per share (HEPS) for the six months to end-December to have grown up to 9%. Its share price rose nearly 3% to R94.82 following its trading update on Tuesday. AVI said it expected to report on March 6 that revenue grew 11.6%. Despite the drought pushing up grain prices, AVI said its food brands Entyce and Snackworks managed to grow operating profit. Fishing subsidiary I&J grew revenue, benefiting from exchange rates and improved fishing conditions. But this was constrained by a three-week strike in August. It fashion brand Spitz experienced growth in both revenue and operation profit. Earnings per share were diluted by an increase in the number of shares in issue for incentive schemes. AVI is a company made up of more than 50 consumer goods brands in a range of categories including hot beverages, snacks, frozen foods, personal care and cosmetics, shoes and other fashion related items. Some of the most well-known brand...
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