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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 2019 increased
by 2,0% over the same period in the prior year, with growth in our
food and beverage categories partially offset by continuing volume
pressure in the fashion businesses. The consolidated gross profit
margin was well protected and costs were tightly managed, resulting
in growth in operating profit for the quarter of 2%.
Earlier this week I&J Holdings Proprietary Limited successfully
completed the disposal of its 40% interest in the Simplot joint
venture in Australia to Simplot Australia Proprietary Limited for
an amount of AUD62 million, which results in a capital gain after
tax of approximately R370 million. Further details will be provided
in a separate announcement to be released later today.
Results for the remainder of the 2020 financial year remain
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
7 November 2019
Sponsor
The Standard Bank of South Africa Limited
Date: 07/11/2019 11:35:00
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