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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. Group
revenue for the first quarter ended September 2023 increased by
5.2% over the same period last year. Volume performance across
our categories was mixed in the quarter and impacted by the
later phasing of festive season deliveries to certain
customers. I&J’s revenue was lower due to poor catch rates
impacting sales volumes in international markets and an
unfavourable sales mix in the abalone category.
Consolidated gross profit grew ahead of revenue and margins
were protected by sound cost control and price increases to
offset input cost pressures. The group’s consolidated operating
profit growth for the quarter was pleasing, despite lower I&J
profits, with consolidated operating margins expanding in the
quarter.
The hake long-term rights allocation was concluded following
the completion of the appeals process and final allocations
were announced on 1st October 2023. I&J’s quota remains
materially in line with that initially allocated in February
2022 with a final reduction of 5% relative to the rights held
prior to commencement of the 2020 fishing rights allocation
process.”
The information above has not been reviewed and reported on by
the Group’s auditors.
Illovo
8 November 2023
Sponsor
The Standard Bank of South Africa Limited
