When Lawrence MacDougall stepped into the position of Tiger Brands CEO in March last year, a lot was expected of him. But the veteran of 39 years in the fast-moving consumer goods market has delivered — and then some. Current market conditions have demanded all the expertise MacDougall can muster. "I have experienced conditions as tough in other countries, but never in SA," says MacDougall. In its six months to March, SA’s largest food group defied the odds, lifting revenue 7% to R16.4bn and headline EPS (HEPS) 9.5%, excluding one-off abnormal items and a combined 36% fall in contributions from associates Oceana and Chilean group Empresas Carozzi. "Tiger has just delivered an exceptionally good result," says Denker Capital’s Ricco Friedrich. "You would think it is operating in another country. Compared with its peers, Tiger has cleaned up." Friedrich points in particular to Tiger’s largest rival, Pioneer Food Group, which he says "made a mess with its maize procurement". Pioneer fou...

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