Excellerate profit soars, resumes dividends
Sep 29th 2011, 09:28
Trading, distribution and services company sees a 75% leap in profits in the year ended June, revenue shooting up 46% driven by focusing on core business
EXCELLERATE Holdings , a trading, distribution and services company, saw a 75% leap in profits in the year ended June, with revenue shooting up 46%.
This enabled the company to resume dividends, and was driven by focusing on its property management business in SA, its domestic and cross-border procurement and logistics business, and the disposal of noncore assets. "I think the main driver in the improvement … has been the implementation of strategy," CEO Gordon Hulley said yesterday.
He said the recent acquisition of property services company JHI had also added significantly to the bottom line.
Group operating cash flows before dividends were R39,4m, or 97% of profits after tax, with cash generated by operations rising 18,6% to R81m.
The company said while the slow recovery in SA’s economy affected the performance of some of its underlying operations, it had managed to achieve a healthy performance partly due to rationalisation and aggressive working capital management.
Mr Hulley said the company had seen moderate organic growth, and that its businesses providing South African-sourced fast-moving consumer goods into Zimbabwe, Mozambique and Zambia had started to grow.
The company had found good growth in markets elsewhere in Africa, especially as SA had slowed down, he said.
The company’s net finance costs increased by R8,8m to R15m, mainly because of costs related to the acquisition of JHI.
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