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Tiger Brands full-year earnings up 7%

Nov 21 2012 07:44 Reuters

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Joahnnesburg - Consumer goods firm Tiger Brands [JSE:TBS] posted a 7% rise in full-year earnings on Wednesday, helped by higher prices, but said it expects a tough year ahead.

The maker of bread, breakfast cereal and energy drinks said diluted headline earnings per share for the year to end September totaled to 1 654.2 cents from 1 545c last year.

Headline earnings, the main profit gauge in South Africa, exclude certain one-off items.

The company said revenue rose 11% to R22.7bn.

Tiger Brands has been ramping up its expansion in fast-growing African markets and last year increased its footprint outside its home base with acquisitions in Nigeria and Ethiopia.

The company this year purchased a majority stake in Nigeria's Dangote Flour Mills in its third and biggest deal yet in Nigeria.

Tiger Brands said it expected 2013 to be a challenging year as consumers remain under pressure.

It declared a final dividend of 555c per share.

Tiger Brands shares have gained 11% so far this year, lagging a 16% rise in the benchmark Top-40 index.

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