AVI LIMITED - Chairman's comment on trading conditions

Chairman's comment on trading conditions

AVI LIMITED
Registration number 1944/017201/06
Share Code: AVI
ISIN: ZAE000049433
("AVI" or “the Group”)


CHAIRMAN’S COMMENT ON TRADING CONDITIONS

At the annual general meeting of AVI held this morning, Gavin Tipper
provided an update on trading conditions.

“Group revenue for the first quarter ended September 2021 was 1,60% lower
than the same period in the prior year, mainly due to the normalisation of
sales volumes in Entyce and Snackworks after benefitting from additional
demand related to the COVID-19 lockdowns last year. Selling price increases
in several categories in response to cost pressures were supported by tight
cost control, with the result that the consolidated gross profit margin
was slightly higher and operating profit for the quarter grew by 2,1%.

I&J’s abalone business has sustained the improvement seen in the second
half of the last financial year, and the Ciro out-of-home coffee solutions
business is recovering steadily.

Results for the remainder of the 2022 financial year are materially
dependent on sound consumer demand over the festive season, and through
the second semester.”

The information above has not been reviewed and reported on by the Group’s
auditors.

Illovo
4 November 2021

Sponsor
The Standard Bank of South Africa Limited

Date: 04-11-2021 03:43:00
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