Pioneer lifts profit, outlook cautious

Johannesburg - Pioneer Food Group [JSE:PFG] reported a jump in full-year earnings on Monday helped by increased sales and said cost pressures and consumer spending will influence its performance ahead.

The group, which produces bread, breakfast cereal and juices, said diluted headline earnings per ordinary share for the year to end-September totalled 398.3 cents from 131.2c last year.

Revenue rose 7% to R17bn.

The company said it recognised the constrained consumer spending environment going forward.

“Continuing inflationary cost pressures and shifting consumer spending patterns will influence the group’s financial performance in the new financial year,” it said.

The company declared a final dividend of 40c per ordinary share. It had not declared a dividend the previous year.

Pioneer Food shares have gained 8% so far this year, compared with a 3% fall in JSE’s All Share [JSE:J203] index.
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