Wrap Text
Trading Statement and Update for the Six Months ended 31 December 2025
AVI LIMITED
Registration number 1944/017201/06
Share code: AVI
ISIN: ZAE000049433
("AVI" or "the Group")
TRADING STATEMENT AND UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Segmental revenue for the six months ended 31 December 2025
2025 2024 %
Rm Rm Change
Food & Beverage 7 297,1 6 884,6 6,0
Entyce Beverages 2 734,9 2 616,5 4,5
Snackworks 3 251,1 3 069,9 5,9
I&J 1 311,1 1 198,2 9,4
Fashion brands 1 586,1 1 586,3 (0,0)
Personal Care 470,0 506,6 (7,2)
Footwear & Apparel 1 116,1 1 079,7 3,4
Group 8 883,2 8 470,9 4,9
The trading environment in the semester remained challenging. Group revenue
growth of 4,9% was supported by the combination of volume growth in several
categories and higher selling prices to off-set inflationary cost pressures.
Revenue growth in Entyce was achieved across all categories. Tea demand was
sound with sales volume growth achieved across both the Freshpak and Five
Roses brands. Creamer demand was sound albeit with price deflation to combat
aggressive competition. Coffee commodity costs increased necessitating
higher selling prices which constrained sales volumes.
Snackworks revenue growth was supported by innovation and good demand for
Bakers Choice Assorted through the festive season. Overall Biscuit sales
volumes for the semester improved over the prior year.
I&J's revenue grew 9,4% with improved fishing revenues driven by selling
price increases and higher domestic and export fish sales volumes. Catch
rates improved, which together with increased capacity from the freezer
vessel commissioned in February 2025, supported hake volumes.
Abalone sales remained challenging with the category continuing to
experience over-supply, weak selling prices and poor demand in key Asian
markets.
Indigo continues to be challenged by falling category demand in the core
deodorant body spray category and the concomitant competitive disruption.
A number of innovations were launched towards the end of the semester with
good initial demand that will aid in off-setting the decline in the body
spray category over time.
SPITZ had a strong December with good demand for the core footwear brands
and the non-repeat of last year's supply challenges supported an improvement
in footwear sales volumes. Notwithstanding benefits from product innovation,
retail competition remained intense constraining sales in our apparel
brands.
The Group's consolidated gross profit margin improved over the prior year
supported by I&J's profitability and the ongoing management of margins
across the business. Selling and administrative costs were tightly managed,
and with the benefits from the restructuring initiatives implemented in the
prior year costs were contained to the same level. This, together with the
improved gross profit, supported an improvement in the Group's operating
profit margin and operating profit.
Net finance costs were largely in line with last year with the impact of
lower interest rates offset by increased average borrowing levels. The
effective tax rate is largely in line with the corporate tax rate of 27%.
CAPITAL GAINS
There were no material capital items with gains decreasing on a prior year
which included profits on the disposal of the assets and business conducted
by I&J's Umsobomvu joint venture.
CONSOLIDATED HEADLINE AND ATTRIBUTABLE EARNINGS
The weighted average number of shares in issue is expected to be 0,5%
higher than last year due to the issue of new shares in terms of the
Group's various share incentive schemes.
We hereby advise shareholders, in accordance with Section 3.4 (b) of the
Listings Requirements of the JSE Limited, that:
- Consolidated headline earnings per share for the six months ended
31 December 2025 are expected to increase by between 10,5% and 12,5%
over the prior year, translating into an increase from last year's
407,5 cents to a range of between 450,3 and 458,4 cents per share;
and
- Consolidated earnings per share for the six months ended 31 December
2025, including capital gains and losses, are expected to increase
by between 9,5% and 11,5% over the prior year, translating into an
increase from last year's 411,3 cents to a range of between 450,4
and 458,6 cents per share.
It is expected that AVI will release its full results for the six months
ended 31 December 2025 on or about 9 March 2026.
The information above has not been reviewed and reported on by the Group's
external auditors.
Illovo
27 January 2026
Sponsor
The Standard Bank of South Africa Limited
Date: 27-01-2026 02:04:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
