Collapsing service delivery threatens owner of iconic Five Roses and Bakers biscuits in South Africa

• AVI Limited is spending more time and money protecting its business from service delivery failures due to deteriorating public infrastructure.
• The company is facing operational challenges beyond weak consumer spending, including global geopolitical uncertainty and inflationary pressures.
• AVI expects to remain profitable and cash generative despite the risks, with a solid financial position and sufficient liquidity to meet obligations.