DURBAN – JSE-listed food and beverages company AVI posted a 4.4 percent decline in headline earnings for the year to end June, with consumer spending still under pressure due to a sluggish economy.
AVI, with a portfolio of more than 50 brands, which includes Five Roses, Bakers, Freshpak and House of Coffees, saw headline earnings declined to R1.7 billion, down from last year’s R1.77bn.
However, the group said it had recovered from a difficult first semester with growth in the second half of the year compared to the second half of last year.
“Although not sufficient to offset the first half decline, it is encouraging to see the resilience of the business in tough times and to commence the next financial year from a sound operating base,” the group said.
Group revenue was marginally up by 1.2 percent to R13.60bn on a like-for-like basis, while headline earnings per share declined by 4.9 percent to 516.6 cents a share.