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or a growing number of companies, ramping up offshore earnings has become a high priority. It is a goal Super Group is achieving in fine style.
Super Group had a head start, deriving 40% of its pretax profit offshore in the six months to December 2014 through its long-held 53% stake in listed Australian fleet management company SG Fleet. A further 4% of pretax profit came from its Mauritian insurance operation.
The foreign contribution is set to rise sharply. Thanks to two acquisitions, it will increase to over 60% of pretax profit in Super Group’s year to June 2016.
FThe first acquisition came in late 2014 when Super Group snapped up Allen Ford, the number two independent Ford dealer network in the UK, for £33m (then about R600m).
Acquisition of Allen Ford brought with it 13 franchised Ford motor dealerships and two Kia dealerships. In a full year Allen Ford will contribute 14% of group pretax profit, says Super Group CE Peter Mountford.
A far bigger acquisition was added last month when Super Group bought a 75% stake in German specialist logistics firm In Time Express Logistik for €137m (R1,9bn) from private equity firm