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Byline: Nicola Mawson
Results from Pioneer are 'satisfactory' Food group says stabilising prices should help it maintain margins NICOLA MAWSON Consumer Industries Correspondent FOOD group Pioneer Foods said yesterday that it expected to maintain its margins as food inflation moderated and the food price environment stabilised.
In the six months to March, revenue rose 20% to R8,4bn, mostly as a result of higher sales prices than last year. Pioneer's operating profit margin improved from 5,7% to 6,6% with operating profit improving 39% to R549m.
Cash profit from operating activities improved 32% to R711m and headline earnings 34% to R297m. Headline earnings …