AVI reports ‘sound’ half-year showing
Johannesburg-listed brand portfolio group AVI has reported a “sound" sales performance by its divisions in the six months ended December 31, 2013, despite a tough trading environment.
The group lifted overall revenues by 10.4% year-on-year to R5.4-billion.
The group’s biscuits and snacks division, Snackworks, grew its revenue by 13.3% on the prior year’s comparable period to R1.6-billion, while fish retail brand I&J upped its revenue by 14.4% to generate R824-million for the six months.
Entyce Beverages grew by 8.1% year-on-year to realise revenues of R1.4-billion for the period, while the group’s fashion brands division lifted revenue by 7.6% to R1.5-billion.
While the consolidated gross profit margin declined slightly, owing mainly to gross margin pressure in the footwear businesses, the consolidated operating profit margin benefitted from volume leverage in some categories and was in line with that for the same period in the prior year.
Other factors impacting on the consolidated results for the first semester were a once-off pre-tax payment of R150-million from Coty following the revision of the two parties’ commercial relationship, as well as a 2.3% increase in the number of shares in issue.
Consolidated headline earnings per share (HEPS) for the continuing operations of the group for the six months were expected to increase by between 8% and 11% over the comparable period in the prior year.
Consolidated earnings a share for the six months were expected to increase by between 27% and 29% over the prior year’s comparable period.
Consolidated HEPS for the six months were expected to increase by between 8% and 11% over the comparable period in the prior year, while consolidated earnings a share were expected to increase by between 19% and 21%.
AVI expected to release its results for the six months on or about March 10.
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