Bird flue threatens Innscor profit growth

Source: Bird flue threatens Innscor profit growth | Daily News 24/9/2018

HARARE – Zimbabwean fast food group Innscor Africa has said it was in danger of breaking its streak of profit growth as it scrambles to deal with bird flu in its most lucrative market.

The Zimbabwe-listed firm, which comprises in-house brands Chicken Inn and Pizza Inn and the Nando’s and Steers franchises, said that the latest deadly Avian flu outbreak had a significant, negative impact on profits.

Innscor Africa reported that it lost $6,2 million in revenue during the group’s six months period ended December 31, 2017  due to the avian influenza epidemic that affected its chicken-rearing subsidiary Irvine’s.

“The decline in revenue can be largely attributed to the effects of the avian influenza epidemic which reduced volumes at Irvine’s and the group’s stock feed operations, as well as the absence of third party products previously traded through the old National Foods depot network,” group head Addington Chinake said.

“Irvine’s recorded a drop in revenue of 13 percent over the comparative period resulting directly from the outbreak of avian influenza towards the latter part of the 2017 financial year.”