Revenue from continuing operations went up to R20.1 billion (2022: R18.6 billion) and operating profit rose to R1.1 billion (2022: R584.1 million). Profit for the period attributable to equity holders of the company grew to R1.1 billion (2022: R512.2 million). Furthermore, headline earnings per share from continuing operations went up to 81.2 cents per share (2022: 53.2 cents per share).

Dividend
The board of directors has resolved not to declare an interim dividend.

Company outlook
Consumer demand is likely to remain soft in the coming months as cost pressures persist despite coming off recent highs. The key contributors to the downside risk are continued high levels of load-shedding and a weaker rand. While commodity input prices have moderated from their historic highs, they remain elevated. In this context, bread volumes and margins are expected to remain under pressure in an oversupplied local market with limited capacity to absorb higher prices. While currently facing the same challenges as the broader bread business, the newly integrated Sunshine Bakery business is a good fit in our portfolio and a key part of our baking growth strategy.

Across the business, we will continue to focus on balancing volumes and profitability, aided by Best-in-Class and Net Revenue Management initiatives. With Pet Food and Pies service levels returning to normal, the priority in the coming months will be to continue to drive sales volumes through front-end recovery plans.

Ongoing efficiency improvements together with higher local and export market prices are expected to benefit the Sugar business in the coming months. Implementation of the agriculture turnaround strategy should aid yields in the next season, although the impact of load-shedding on irrigation still remains a risk.

Rainbow has made considerable progress with its turnaround, with the final phase of ramp-up of production in Hammarsdale and the continued benefits of the breed change expected to impact positively going forward.