Premier First things first
The Premier Group, which brings to market such brands as Blue Ribbon, Snowflake, Iwisa, Mister Sweet, Manhattan, Lil-lets, Dove Cottons and Vulco, has posted a splendid set of results for the year through March – which was also the month in which it listed. Revenue was up +23.4% to R17.9bn with operating profit climbing +28.2% to R1.3bn. It wasn’t easy, they averred, what with an operating landscape defined by exceptionally high commodity prices, unprecedented levels of load shedding and social instability. “In response, our focus remained on the continuous training and upskilling of our people, internal cost saving initiatives and the delivery of material operational efficiencies across both manufacturing and the Group’s logistics and merchandising channels,” they said in their consolidated financials. One of the signal achievements of the year was the operationalising of its new mega-bakery in Pretoria within budget – the facility is operating at maximum production levels, delivering cost savings and improved bread quality. It has also spent a cool R32m on diesel generators, which are no doubt helping keep the ovens on.
Comment: Refreshing to see a business highlighting the people it has trained rather than those it has sacked.