All Joy Foods Ltd - Abridged financial highlights for the year ended 28 February
2003
All Joy Foods Ltd
(Registration number 1989/001000/06)
Share code ALJ
ISIN ZAE000017240
Abridged financial highlights for the year ended 28 February 2003
The annual report in respect of the year ended February 2003, containing an
unqualified audit report from our auditors, Howarth Leveton Boner, and prepared
in accordance with South African Statements of Generally Accepted Accounting
Practice on a basis consistent with that of the prior year, has been completed
and will be mailed to shareholders today.
Financial highlights
Turnover up: 18.8%
Operating profit up: 65.0 %
Headline earnings per share up: 63.6%
Comments by the chief executive officer on the results and prospects
Results
We are proud to announce our results for the year ended 28 February 2003.
During the year under review, food inflation in South Africa increased
significantly.
Understanding our customer base meant we did not increase our prices relative to
our industry sector. We achieved real volumetric growth during times, when our
competitors realised significant growth from food inflation.
Our focus on tomato based products and improving our distribution of added
value, ready to eat cooking sauces, contributed significantly to our sales
revenue increase.
Procurement of high quality converted raw and packaging materials, at the right
time and cost, producing under good manufacturing process guidelines, longer
production runs and the improved distribution of added value tomato based
products, have contributed to our increased profits.
Prospects
We are excited about the forthcoming financial year.
Some of the developments that have been approved by the board of directors
include:
* The installation of a purpose built high - speed production line
* The implementation of good manufacturing practices at our factory and
a defined program with CSIR guidelines to achieve hygienically accepted critical
control points, (HACCP), compliance
* Our first marketing program, which includes above the line advertising
for our new, added value, tomato based product range
30 May 2003
Crown Mines
Sponsor
LPC Manhattan Sponsors
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