Pioneer Food down after profit update

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Johannesburg - Shares of Pioneer Food are down 6 percent after the company flags full-year earnings would rise by more than 20 percent, but warned its South African consumers were still under significant pressure.

Eleven analysts polled by Reuters had expected earnings per share to rise by an average 32 percent in the year to end September 2014.

Pioneer says revenue growth would be similar to its first-half performance despite falling prices in some categories.

The shares are the biggest decliner on the All-share index after rising to a year high of 128.07 rand on Wednesday. - Reuters

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