Polony recall hits Tiger Brands hard... where it hurts

We are still waiting for the results… so, no, I have no further progress for you on the front of whether our brands are directly related to the crisis, or not.

Lawrence MacDougall, Tiger Brands

The core business didn’t perform too badly…

Lawrence MacDougall, Tiger Brands

Tiger Brands reported a 16% drop in half-year earnings on Thursday.

(Also read: Why Tiger Brands is a good share to buy, right now)

The poor result is mainly due to costs totalling R365 million following a recall of cold meat products in response to the world’s worst ever outbreak of listeriosis.

Headline earnings per share for the six months to 31 March fell to 868 cents from 1036 cents a year earlier.

Tiger Brands is staring a class action lawsuit in the face.

(Also read: Join the listeriosis class action lawsuit against Tiger Brands)

The company has no detail on the amount of the claim yet.

Tiger Brands declared an interim dividend of 378 cents per share.

The Money Show’s Bruce Whitfield interviewed Tiger Brands CEO Lawrence MacDougall.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

The two classes have combined… both teams are collaborating closely… it’s a bit early to give an indication of details… We have appropriate insurance cover in place…

Lawrence MacDougall, Tiger Brands

We’re doing deep research… looking at the Enterprise brand, in particular…

Lawrence MacDougall, Tiger Brands

Returning to production is a key priority for us…

Lawrence MacDougall, Tiger Brands

We might be ready… but we need the regulators to collaborate with us...

Lawrence MacDougall, Tiger Brands

They [1800 people working in closed factories] are still employed…

Lawrence MacDougall, Tiger Brands

Maize prices almost halved in the last year…

Lawrence MacDougall, Tiger Brands

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