Pioneer interim results March 2019
Revenue for the interim period rose to R11.0 billion (R9.9 billion) whilst gross profit was higher at R3.1 billion (R2.9 billion). Operating profit lowered to R752.2 million (R991.7 million). Profit attributable to owners dipped to R509.1 million (R620.3 million). Furthermore, headline earnings per share decreased to 272.4 cents per share (317.1 cents per share).
A gross interim dividend of 105 cents (2018: 105 cents) per share has been approved and declared by the Board from income reserves for the six months ended 31 March 2019.
The macro environment is expected to remain challenging and will continue to place pressure on consumer demand with resulting muted spending. Cost inflation in key raw materials and other operational input costs remains present although it is starting to level off. With pricing recovery still constrained by lower consumer demand and retailer competitive intensity, pressure on operating margins is expected to continue. The Group will continue efforts to optimise costs and efficiencies whilst ensuring its brands remain available and relevant to customers and consumers, thus strengthening the base for continued growth.