PnP’s profit growth

PICK n Pay said it expected an increase of 20-25 percent in headline earnings per share for the first half, which would be its seventh consecutive reporting period of “substantive profit growth”.

“This result is under-pinned by stronger operational discipline,” the company said.

The grocer said turnover growth of 7.2 percent (7.5 percent in constant currency) reflected a tougher trading environment.