The Western Cape High Court in March ruled in favour of Truworths, TFG and Mr Price, who challenged the requirements of the National Credit Act. The companies took the Department of Trade and Industry and the National Credit Regulator to court and won.
Speaking after the release of the company’s results for the year ended March 31, Murray was indifferent about the court victory. “(The court ruling) takes us back to where we were,” he said. He said the regulations were incorrect and unnecessary. “We are a responsible creditor,” he said.
Meanwhile, TFG’s shares yesterday slumped 7.37percent despite the group increasing group turnover in the year by 21.4percent to R28.6billion.
Headline earnings were up 9.6percent to R2.5bn. The group declared a final dividend of 420cents a share. Total dividend for the year was 745c a share.