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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 Company")
Chairman's Comment On Trading Conditions
At the annual general meeting of AVI held this morning, Mike
Watters provided an update on trading conditions.
"The domestic macro environment has remained challenging
despite the optimism created by the GNU. In the short term,
high interest rates, unemployment and inflation continue to
erode discretionary incomes and has limited our ability to
increase sales volumes in many categories.
Group revenue for the four months ended 31 October 2024 was
3,4% higher than the same period in the prior year. In the
last four months monthly trading patterns have been more
volatile than usual with many categories constrained by the
macro environment and a change in the traditional phasing of
deliveries to some customers.
The consolidated gross profit margin improved on the prior year
supported by a combination of higher selling prices, factory
restructuring initiatives and investments improving
productivity at several manufacturing sites. Selling and
administrative expenses were tightly managed and increased in
line with inflation, which together with improved gross profit,
supported sound growth in the group's operating profit over the
prior period.
Fishing catch rates at I&J remain at historical lows, albeit at
slightly improved levels than for the same period in the prior
year. The abalone category continues to be impacted by lower
selling prices in key Asian markets.
Notwithstanding the current year to date performance, results
for the first half of the 2025 financial year are materially
dependent on sound consumer demand over the festive season, and
the strength of December sales for the fashion brand
portfolio."
The information above has not been reviewed and reported on by
the Group's auditors.
Illovo
12 November 2024
Sponsor - The Standard Bank of South Africa Limited
Date: 12-11-2024 12:11:00
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