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AVI - AVI Limited - Chairman`s comment on trading conditions

Release Date: 01/11/2011 11:33
Code(s): AVI
Wrap Text

AVI - AVI Limited - Chairman`s comment on trading conditions AVI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company") CHAIRMAN`S COMMENT ON TRADING CONDITIONS At the Annual General Meeting of AVI held this morning, Angus Band, the Chairman of AVI, commented in relation to trading conditions that: "Group revenue for the quarter ended September 2011, for continuing operations, was 10,9% higher than the same period in the prior year largely due to improved sales volumes in most key categories, selling price increases in the food and beverage categories in line with higher input costs, and the benefit of favourable exchange rates on I&J`s export sales. The consolidated gross profit margin for the quarter was similar to that for the first quarter of the prior financial year which, together with higher sales volumes yielded strong growth in operating profit and operating profit margin for the quarter. I&J in particular showed material improvement with the benefit of favourable exchange rate movements and our Fashion businesses continue to grow operating profit strongly. The Biscuit business has shown a pleasing return to a stable and efficient operating performance which supported volume and profit growth for the quarter. Trading conditions are expected to be challenging with constrained consumer demand and tough price competition in many of our categories. Nevertheless we are encouraged by the strong start to the 2012 financial year and believe that the company is well positioned to deliver sound earnings growth. Results for the first half of the 2012 financial year are dependent on the continuity of the current level of consumer demand and in particular achieving targeted volumes over the festive season." This information has not been reviewed and reported on by AVI`s auditors. Illovo 1 November 2011 Enquiries Simon Crutchley Owen Cressey Chief executive officer Chief financial officer Tel: +(27) 11 502 1300 Tel:+(27) 11 502 1300 e-mail: info@avi.co.za Website: www.avi.co.za Sponsor : The Standard Bank of South Africa Limited Date: 01/11/2011 11:33:00 Supplied by www.sharenet.co.za 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.

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