Two FMCG companies with vastly different share price performances are in focus with their results released this morning. The price of Tiger Brands is back where it started a year ago after losses from the Nigerian misadventure keep growing; Spar has done much better by targeting its expansion into the First World. Herewith the summaries from Reuters.

Tiger Brands (click here to read the full SENS report):
* Turnover up 7 pct to r15,9 billion for six months ended March 31
* Dividend per share up 3 pct to 339 cents
* Potential for further foreign exchange losses could have a material adverse effect on results of Nigerian businesses in second half
* Headline earnings per share from continuing operations of 853 cents in line with last year
* Trading conditions across most of regions in which group operates are challenging
* Market conditions in south African businesses are likely to persist, with rising soft commodity prices and weak rand adding to inflationary pressures in a tough competitive environment
* In short term, market conditions in Nigeria will remain challenging, with full inflationary impact of year-to-date devaluation of Naira only likely to be felt by consumers later in year
* Group is pursuing a number of opportunities which could enhance future performance of DFM, impacting positively on outlook for business
* Group has considered all of these factors in performing a fair value assessment of underlying assets of DFM as at 31 March 2015
* Concluded no need to take any impairment at half year, but would be re-assessed at FY when anticipated would be sufficient clarity on outcome as well as greater market stability

Spar Group: (click here to read the full SENS report)
* Turnover growth of 40.7 pct to R36.0 billion (2014: R25.6 billion) for six months ender March 31
* Six-month HEPS up 22.4 pct to 455.5 cents
* Six month headline earnings grew 22.7 pct TO R788.3 million
* Interim dividend of 239 cents per share up 22.6 pct
* Trading performance for first seven weeks after march 2015 has remained strong while being influenced by timing of Easter holidays
* Continued pressure on consumer spending in South Africa is anticipated with subdued economic growth and a resultant lack of job creation
* Risk of increased load-shedding by power utility, Eskom, in winter months could pose additional pressure on retail sales
* Impact of current drought on maize pricing is likely to increase pressure on food inflation
* Remains confident that it is well positioned to maintain this growth in second half of year