Cashbuild: Shares fall as revenue growth slows

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Cashbuild increased revenue by 7 percent in the six months to December, the building materials retailer said yesterday in a quarterly operational update. Revenue in the three months to December was up 4 percent compared with a year earlier. The half-year figure was arrived at by adding second-quarter growth to the growth reported in the first quarter. Cashbuild is still finalising its half-year results. Transactions through tills during the half year increased by 2 percent, with units sold increasing by 8 percent. Cashbuild has opened 16 stores since July 2012, bringing the total number of stores to 207 at the end of the half year. Cashbuild said trading conditions were still tough, although gross margin growth in rands exceeded the top line growth reported for the second quarter. Cashbuild’s shares fell 3.2 percent to close at R142 yesterday. – Nompumelelo Magwaza

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