AVI says annual revenue rises despite fire at I&J
Consumer goods group reports healthy annual growth in its branded consumer business
26 July 2023 - 15:35
Consumer goods group AVI on Wednesday reported 7.8% growth in annual revenue even as its fishing business I&J faced a host of challenges, including a load-shedding related fire at one of its factories.
The company, whose products include Bakers biscuits, Five Roses tea and Green Cross shoes, said in a trading update that the fire at the facility occurred in April 2023 resulting in its closure for several weeks. The plant returned to full operation in June, but operating profit was affected because the insurance proceeds weren’t received in the period. ..
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