Pioneer warns of lower FY earnings, revenue

JSE-listed Pioneer Foods on Monday warned shareholders its earnings for the year ended September 30, had likely halved. In a trading update, the company said its headline earnings a share for the full-year would be between R3.98 and R4.70, compared with R9.04 in the prior financial year. “Revenue decreased by between 4% and 6% from the R20.6-billion in the comparative period, owing to deflation, volume declines and resistance to price increases,” the company said.