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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, Gavin
Tipper commented in relation to trading conditions that:
“Group revenue for the first quarter ended September 2017 was
in line with that for the same period in the prior year, with
pressure on sales volumes in a number of categories due to the
constrained trading environment, and some later phasing of
festive season deliveries to certain customers.
The consolidated gross profit margin improved, with accumulated
cost pressure ameliorated by improved exchange rates compared
to last year. In addition, selling and administrative expenses
increased at rates below inflation, benefitting from savings
from restructuring activity in the second half of the last
financial year. In conjunction with the non-recurrence of the
unprotected strike at I&J’s fishing operations in August 2016,
these factors resulted in sound growth in operating profit for
the quarter.
Exchange rates secured for the remainder of the financial year
are at better levels than last year, underpinning AVI’s ability
to manage sales volumes and profit margins in the constrained
environment, and to grow earnings in the year ahead.
Nevertheless, results for the remainder of the 2018 financial
year remain materially dependent on sound consumer demand over
the festive season and through the second semester, and on any
impact of the macro economic and political developments on the
trading environment."
The information above has not been reviewed and reported on by
the Group’s auditors.
Illovo
2 November 2017
Sponsor
The Standard Bank of South Africa Limited
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