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Walk tough

CONSUMER bands conglomerate AVI is walking a few uncomfortable miles with recently acquired health shoe specialist Green Cross. It is clear that the Cape Town-based shoe manufacturer and retailer raised a few blisters on AVI’s income statement in the financial year to end June, and that there will still be some hard yards before Green Cross steps up profitability. AVI acquired Green Cross in July 2012 for around R400m, hoping to add more scale to its existing shoe businesses in Spitz and Kurt Geiger.

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Great catch

One can be forgiven for getting too excited when the big hake catchers make a big profit splash. That’s because the hake industry in the past decade-and-a-half has certainly not been characterised by uneven catches and periods where operating performance was stranded on the rocks.

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R0.5bn investment into fishing vessels from I&J set to boost SA fishing industry

I&J, an AVI subsidiary and deep sea Cape Hake fishing company, announced today that it had invested more than half a billion rand into the acquisition of three fishing vessels and the upgrading of its existing Cape Town-based processing facility. This would position the company for significantly increased efficiency and capacity, and create the opportunity for over 75 new jobs to be created.

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Great (s)hakes

It’s tough times in the food sector but it looks like Cape Town’s big frozen hake specialists, I&J and Sea Harvest, are set to land bigger profits – thanks largely to the weak rand driving export revenues and offsetting a competitive domestic market.

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