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Zimplow revenues up 34 percent
06/03/2014 00:00:00
by Business Reporter
 
 
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Poor agro season hurts Zimplow profits

ZIMPLOW revenues reached US$ 39,8 million last year, up from against US$29,7 million in 2012, an increase of 34 percent, the company has revealed.

The group ended with a profit before tax of US$1,7 million resulting principally from the net gain on the disposals of Puzey and Payne and Tassburg for about US$1,39 million.

“Operating profit was weighed down by continued pressure on margins in our exports, liquidity and cash flow constraints affecting the group’s customers, resulting in significant provisions for doubtful debts,” CEO Zondi Kumwenda said.

“Borrowings of US$5,7 million were repaid during the year. Focus, going forward, will be to rationalise the company’s balance sheet to reduce borrowing. We believe we have not landed.”

The company is focusing on a range of initiatives to enable it to move ahead.

Management says it is targeting improved operational effectiveness, cost reductions, customer focus, prudent working capital management, smart procurement and active market presence.

Implementation of these initiatives was launched at the beginning of 2014.

The company says the 2013/2014 rainy season has been encouraging which bodes well for the group’s agricultural units in the 2014 financial year.

“The envisaged rehabilitation of roads and other infrastructural projects did not fully take shape in 2013,” Kumwenda said.

“It is hoped that liquidity issues prevailing in the economy will ease to allow meaningful infrastructural and road rehabilitation programs to commence.

“We remain positive and optimistic about the business model that it is pursuing and has always taken a long term view of the investment,” he said.

The energy and determination in the new management of business units has infused enthusiasm and is set to improve the performance of the Group.



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