South African consumer goods group Tiger Brands has said that its trading performance for the first four months of the year has been in line with expectations, reflecting a general slowdown in demand.
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In a statement released ahead of its annual general meeting of shareholders, Tiger said: “This performance is consistent with the outlook for 2009 as was reported at the time of release of the 2008 year-end results.
“The high levels of food price inflation experienced during the second half of 2008 due to significant cost push factors, particularly in respect of raw materials, are expected to moderate during the second half of 2009.”
The company said that, despite adverse trading conditions, it expects to deliver “real earnings growth” in headline EPS.
Tiger added that it was unable to provide an update on its proposed acquisition of smaller rival AVI, as the proposal was still under consideration.
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