AVI reported HEPS up 6% to 727.4c for FY25, marginally below the guidance midpoint. Revenue increased 1% to R16bn, supported by food & beverages but offset by weaker fashion brands. Earnings were lifted by improved margins in beverages, cost savings in Entyce & Snackworks, and stronger I&J fishing. Results were impacted by R42m restructuring costs & a R38.1m abalone revaluation, partly offset by a R12.6m JV disposal gain. FY Dividend up 4% to 470c. Outlook: Weak macro backdrop but FY25 restructuring & efficiency efforts expected to reflect in FY26 results.
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