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AVI
AVI
AVI - AVI Limited - 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, Angus Band, the
Chairman of AVI, commented in relation to trading conditions that:
"Group revenue for the quarter ended September 2011, for continuing
operations, was 10,9% higher than the same period in the prior year
largely due to improved sales volumes in most key categories, selling
price increases in the food and beverage categories in line with higher
input costs, and the benefit of favourable exchange rates on I&J`s export
sales.
The consolidated gross profit margin for the quarter was similar to that
for the first quarter of the prior financial year which, together with
higher sales volumes yielded strong growth in operating profit and
operating profit margin for the quarter. I&J in particular showed
material improvement with the benefit of favourable exchange rate
movements and our Fashion businesses continue to grow operating profit
strongly. The Biscuit business has shown a pleasing return to a stable
and efficient operating performance which supported volume and profit
growth for the quarter.
Trading conditions are expected to be challenging with constrained
consumer demand and tough price competition in many of our categories.
Nevertheless we are encouraged by the strong start to the 2012 financial
year and believe that the company is well positioned to deliver sound
earnings growth. Results for the first half of the 2012 financial year
are dependent on the continuity of the current level of consumer demand
and in particular achieving targeted volumes over the festive season."
This information has not been reviewed and reported on by AVI`s auditors.
Illovo
1 November 2011
Enquiries
Simon Crutchley Owen Cressey
Chief executive officer Chief financial officer
Tel: +(27) 11 502 1300 Tel:+(27) 11 502 1300
e-mail: info@avi.co.za Website: www.avi.co.za
Sponsor : The Standard Bank of South Africa Limited
Date: 01/11/2011 11:33:00 Produced by the JSE SENS Department.
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