Salient features

  • Revenue of R15,4 billion from continuing operations down 2% (excluding VAMP up 4%)

  • Ordinary dividend of 321 cps Special dividend of 306 cps Total interim dividend of 627 cps


  • Operating income*
    R1,5 billion
    down 24% (excluding
    VAMP down 9%)

  • Home and Personal Care post a strong recovery

  • HEPS from continuing operations down 12% to
    762 cents (excluding Oceana impact down 2%)


  • Oceana unbundling impacts like-for-like comparison

* Before IFRS 2 charges, impairments and abnormal items from continuing operations.



During the period under review, the trading environment remained difficult, with continued pressure on consumer spending, resulting in sales volume increases in the domestic business with low price inflation impacting margins. Group revenue of R15,4 billion from continuing operations was down 2% compared with the corresponding period last year, which included Easter seasonal volumes. Domestic revenue excluding Value Added Meat Products (“VAMP”) was 6% higher driven by 2% volume growth and 4% inflation. Revenue from Exports and International for the period under review declined by 11% to R1,7 billion. This was primarily due to lower Export volumes and price deflation in international markets.

Detailed commentary