Clover expecting HEPS increase of up to 92%
JSE-listed branded consumer goods and beverages group Clover expected its headline earnings per share (HEPS) for the six months ended December 31 to be between 82% and 92% higher than that of the prior corresponding period, it said on Friday.
Similarly earnings per share (EPS) were expected to increase by between 80% and 90% year-on-year.
The company said the increases could be attributed to the nonrecurring marketing investments in new product launches during the first half of 2013, the introduction of selling price increases to the market in January 2013 and, again, early in the current reporting period, and reduced promotional activities following selling price increases.
Other factors that also contributed to the expected increases in HEPS and EPS included cost-saving initiatives, exchange rate profits made by certain of the group’s African subsidiaries owing to the weakening of the rand, and the positive contribution of the group’s project Cielo Blu, aimed at rectifying structural and supply-chain inefficiencies.
Clover did, however, warn shareholders that this level of earnings improvement was not expected to continue into the second half of the 2013/14 financial year, owing to strong overall inflationary cost pressure, specifically relating to raw milk, packaging and fuel costs, as well as the negative impact of the high inflationary environment on consumers.
Clover was expected to release it interim results on or about March 17.
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