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Trading update and trading statement for the year ended September 2019

Rhodes Food Group Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 2012/074392/06
JSE share code: RFG
ISIN: ZAE000191979
("RFG" or "the group")

TRADING UPDATE AND TRADING STATEMENT FOR THE YEAR ENDED SEPTEMBER 2019

TRADING UPDATE
Group turnover for the year ended 29 September 2019 ("the period") increased
by 8.2%.

The group?s regional segment delivered a resilient performance and grew
turnover by 8.1%.

Within the regional segment, long life foods increased turnover by 9.1% and fresh
foods turnover was 6.7% higher.

The regional operating margin improved despite the adverse effect of the lower
margin long life foods category growing at a faster rate than fresh foods.

International turnover increased by 8.8% and benefited from the 7.7%
depreciation of the Rand against RFG?s major trading currencies. The
international margin strengthened as a result of a favourable product mix towards
higher value-add products and the weaker Rand.

TRADING STATEMENT
Good revenue growth together with the expansion of gross profit and operating
profit margins contributed to a strong increase in profitability for the year.

Management expects headline earnings for the period to be between 35% and
40% higher than the R159.1 million reported for the previous year.

Earnings have benefited from an income tax rebate of R10 million relating to
capital projects (2018: R8.5 million). Shareholders are reminded of the impact of
approximately R23 million relating to the lower international selling prices of
drought affected deciduous canned fruit products and the once-off costs of
approximately R14 million arising from the relocation of the pulps and purees
plant reported at the half year results in May 2019. There were no material once-
off costs in the second half of the year.

Earnings per share measures have been impacted by an increase of 3.6% in the
weighted average number of shares in issue during the reporting period due to
the conversion of preference shares to ordinary shares in the first half of the year.

                              Year ended                     Year ended
                             30 September                 29 September 2019
                                 2018                      Expected range
                               Reported
 Earnings per share              61.1c        32% - 37% higher            80.7c ? 83.7c
 (EPS)
 Headline earnings per           63.0c        31% - 36% higher            82.5c ? 85.7c
 share (HEPS)
 Diluted HEPS                    60.8c        35% - 40% higher            82.1c ? 85.1c


The forecast financial information on which this trading update and trading
statement is based has not been reviewed or reported on by the group?s
independent external auditors.

The group?s annual financial results for the year ended 29 September 2019 will
be released on the Stock Exchange News Service of the JSE on or about 19
November 2019.


Groot Drakenstein
4 November 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 04/11/2019 10:00:00

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