PACKAGED goods company Tiger Brands’ results for the financial year ended September 30 reflect steady progress against the company’s strategic priorities with an improved underlying performance from the core business, offset by one-off costs of R732-million (pre-tax) related to a canned vegetable product recall and the civil unrest in July, the company notes.
“The year under review can be characterised as a year of two halves, with a solid first half result, driven primarily by a strong first quarter, offset in part by slower top-line growth in the second half.
“Despite revenue challenges, our focus on cost savings and improvements in production efficiencies resulted in positive operating leverage for the full year,” says CEO Noel Doyle.
Domestic revenue in the second half was adversely impacted on by volume declines across the grains portfolio, as well as the groceries and snacks and treats businesses, compounded by lower overall price inflation
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