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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 2020 increased by
3,6% over the same period in the prior year. Growth in most of our food
and beverage categories was partially offset by the continued impact of
COVID-19 on sales volumes in the fashion businesses and the Ciro out-of-
home coffee solutions business. Notwithstanding improvements over the
quarter, revenue in the fashion businesses was 87% of that achieved in the
first quarter of last year, and improved further in October. The
consolidated gross profit margin decreased largely due to cost pressures
from the weaker Rand but consequent selling price increases should
contribute to an improvement over the remainder of the year. Selling and
administrative costs were tightly managed, resulting in growth in operating
profit for the quarter of 0,5%.
Results for the remainder of the 2021 financial year are materially
dependent on sound consumer demand over the festive season, and through
the second semester, for our food and beverage brands, and continued
improvement in demand for our fashion brands.”
The information above has not been reviewed and reported on by the Group’s
auditors.
Illovo
5 November 2020
Sponsor
The Standard Bank of South Africa Limited
Date: 05-11-2020 12:20:00
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