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PFG
PFG
PFG - Pioneer Food Group Limited - Trading Update for the four months to 31
January 2011
PIONEER FOOD GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/017676/06)
JSE share code: PFG
ISIN: ZAE000118279
("the Company" or "Pioneer Foods")
Trading Update for the four months to 31 January 2011
At the 14th Annual General Meeting of shareholders held this morning, the
Chairman made the following comments on trading for the four months to 31
January 2011:
Open Quotation
"We saw food retail remaining buoyant during the festive season that corresponds
with the volume growth we`ve seen in our business.
Revenue for the four months to January 2011 increased by 2.3% to R5.5 billion
over the corresponding period as sales volumes in all business units increased
by some 5% in the Group`s average product basket, with price inflation
moderating to neutral values in most categories, principally due to the strong
Rand in the second half of last year and improving cost efficiencies.
Operating expenditure such as fuel, electricity and payroll expenses however
continue to place upward pressure on costs with grain commodities such as wheat
and yellow maize increasing by more than 20% in Rand terms in the current
financial year alone.
The unusual weather patterns are a point of concern.
The production of wheat and yellow maize in particular has been impacted by the
abnormally high summer rainfall and the raisin crop is expected to be
substantially lower this year due to the flooding experienced in the Orange
River basin.
Consequently inflationary pressure in our product basket is expected to increase
again as the supply of key commodities remain under pressure in these volatile
production environments, leading to anticipated increases in food prices in
months to come.
As agreed with the Competition authorities price reductions in defined wheaten
and bread products were implemented in early December 2010 and we`re making good
progress."
Close Quotation
The information provided above have not been reviewed or reported on by the
Group`s independent auditors.
Paarl
18 February 2011
Sponsor
PSG Capital
Date: 18/02/2011 09:39:01 Produced by the JSE SENS Department.
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