Consumer goods company AVI's consolidated headline earnings per share for continuing operations would increase by between 24% and 31% in the year ending June 30, the company said in a trading update on Thursday

The group, which owns brands such as Five Roses, Bakers, Ellis Brown, Frisco and Willards, said consolidated earnings per share for the total operations, including capital gains and losses on the disposal of assets, were expected to increase by between 34% and 41% compared with the prior year.

The company said comparative numbers for continuing operations for the year ended June 30 were restated to exclude the results of Real Juice Co.

Last month Clover bought Real Juice Co for R60m from AVI, though the transaction is still subject to the approval of the competition authorities.

AVI said the previously disclosed headline earnings per share of 248,2c would be revised to 245,1c due to the transaction.

Earlier this year, AVI said that in the six months to December 31, gross profit rose 10,7% to R2,08bn, with the consolidated gross profit margin increasing from 45,4% to 46,3% due to strong improvements at I&J, Spitz and Indigo.

It also added Green Cross, a specialist shoe manufacturer and retailer, to its profitable shoe and fashion business this year. AVI paid about R400m for the acquisition.

The company will release full-year results on September 10.

valliea@bdfm.co.za