The food producer, which houses well-known brands such as Weet-Bix, Bokomo and Liqui-Fruit, said revenue was expected to have grown between 11% and 13%. The revenue excludes Pepsi, biscuits and Maitland Vinegar that the company exited.
The JSE mid-cap company said the effect of the drought on maize and other crops, exponential increase in the wheat import duty, rand volatility and resultant cost push in a weak consumer environment affected its performance.
"Export revenue into the rest of Africa came under pressure amidst severe currency devaluation to the rand, and the deterioration of in-country consumer spending power as a consequence," it added.
Pioneer said the strength of its brand portfolio and a sustained focus on efficiencies provided a cushion to the headwinds.
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