HARARE, March 5 (The Source) – Conglomerate Innscor Africa Limited headline earnings per share for the six months to December dropped seven percent 2,54 cents from 2,73 cents on declining revenue and restructuring costs.
Revenue declined to $513 million from $525 million during the period under review reflecting weak consumer spending in the economy. Operating profit before interest and fair value adjustment also decreased to $33,1 million from $34,9 million.
“The six months under review have been extremely difficult for the group, characterized by management challenges at operations level, a deteriorating trading environment and consequent reduction in disposable incomes,” chairman Addington Chinake said in a statement accompanying the financials.
The group’s management reshuffle also saw the coming in of Antonio Fourie, a South African, as the chief executive in November last year while Chinake took over as chairman in January this year, replacing the retired David Morgan. It also appointed Godfrey Gwainda as its group finance director in place of Julian Schonken, who was moved to head the Innscor Light Manufacturing Sector.
Chinake said the consolidation of National Foods and Irvines financials had changed the working capital profile of the group.
Innscor restructured the reporting of its operations into four core units—light manufacturing, logistics and distribution, quick service restaurants and retail and wholesale.