MARC HASENFUSS: One bold chicken
Unpacking chicken group Sovereign's annual report and looking at Dawn of the dread
It was only last week in this column I mentioned Uitenhage poultry group Sovereign Food Investments — but the company’s newly released annual report was such an interesting read I thought it worth repeating some of the key themes presented in the glossies. The standout bullet point is that Sovereign wants to double the size of its business while exceeding stakeholder expectations. That’s an audacious goal. Directors have launched a new phase — to run from now until the 2019 financial year — under the bold title of "Expansion and Strategic Resilience". The main thrusts include a material increase in poultry volumes, a focus on boosting sales of higher-margin products and generating revenue in other currencies. So production will be expanded at the Uitenhage and Hartbeespoort abattoirs, exports grown through current or new trading partners and (this is the interesting one) entering into prudent, well-priced acquisitions that fit the company’s strategic direction. Well priced acquisiti...
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