A deteriorating local economy, exacerbated by a competitive market; political uncertainty in Europe and UK; and changes in SG Fleet’s product offering caused the declines, a trading statement said yesterday.
A decline in revenue and operating profit of about 3percent (December 2018 revenue: R19.4billion) and 8.7percent (December 2018: R1.3bn), respectively, was expected in the interim period. Cash generated increased 37.9percent to nearly R2.1bn.
Supply Chain Africa's consumer and industrial businesses performed well, despite poor demand and labour unrest in the retail sector. Also, a number of new contracts were secured from October 2019.
LiebenLogistics and GLS Supply Chain Equipment, acquired from July 3, 2019, performed strongly.