Production was down at Illovo, with less than ideal growing conditions in the pertinent region (coughclimatechangecough! What? Oh, nothing), but did this deter the group from turning in a handsome set of numbers for the year ended March? It did not. Turnover up R1.1billion to R9.2billion, on the back of sales volumes which declined by 5% because there was simply less of the sweet, crunchy stuff to sell. No worries though: operating margin increased from 12.7% to 14.7%, with a 31% increase in operating profit from R1.03billion to R1.35billion. “Whence this splendour, this magnificence?” you enquire, and we'll tell you: sugar production to the tune of 59%, cane growing 30%, and downstream (whatever the heck that is) and power generation 11%. Malawi coughed up 39% of this, Zambia 33%, Tanzania 11%, a little place called South Africa 7%, Swaziland 6% and Mozambique 4%.
Comment: Not bad, eh? And with 2012/13 promising the bounty of mother nature herself, next year should be even more pleasing.