Clicks makes Top40 Index as chief executive leaves group

CLICKS chief executive David Kneale yesterday bowed out as the face of the group, telling shareholders that the healthcare retailer had made it to the FTSE/JSE Top40 Index with an impressive 666 outlets nationwide.

Kneale, who will leave the group after 13 years at the helm, said the retailer increased its shareholding to 23.3 percent in the local market during the year to end August and planned to open more in the future.

He said the retailer remained on track to achieve its target of 900 stores in the long-term.

“The last 13 years have been wonderful for the group. We have more than doubled the number of stores and I would like to pay tribute to a wonderful job by the team,” Kneale said. “I am happy that the group has managed to get an internal successor with 25 years of experience in the group.”

Kneale will make a way for current chief operating officer Vikesh Ramsunder in January.

Kneale said he was leaving the group in a healthy financial position with consistent performance and growth in shareholder value over several years.

Clicks reported a 9.1 percent increase in group turnover to R29.2 billion while operating profit increased by 12.6 percent to exceed R2bn for the first time.

Cash inflows generated from operations rose to R2.5bn to end the financial year with cash of R1.5bn.

The retailer grew diluted headline earnings per share by 15.1 percent to 578 cents a share.

It said shareholders would receive a total dividend of 380c a share, 18 percent higher compared to last year, with the dividend payout ratio being raised from 60 percent to 62 percent.

Clicks shares rose 6.75 percent on the JSE yesterday to close at R174.