The company said trading conditions in the retail and fast-moving consumer goods sectors had worsened in the lead up to the elections
Clover, which makes dairy-based foods and beverages, says it will return to profits in the year ending June 2019 after making its first annual loss in more than a decade in the prior year.
The prior year’s loss came after the company wrote off a loan to its then recently unbundled subsidiary, Dairy Farmers of SA. “Despite this, Clover continued to increase its market shares in various categories on the back of marketing investment and additional trade support. This will bode well for future performance,” it said.
“This has, in turn, impacted production of certain highly profitable products”. However, the company said it was insured for the damaged assets and lost profits.
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