Clive Thom­son, CEO of Bar­loworld, said:

Finweek English Edition - - Property Compass -

“The Bar­loworld group de­liv­ered strong op­er­at­ing profit growth for the year. This was driven by the equip­ment divi­sion in south­ern Africa which con­tin­ued its growth tra­jec­tory given ro­bust de­mand from the min­ing and construction sec­tors. In Spain, res­i­den­tial construction de­clined and pub­lic works ac­tiv­ity slowed, re­sult­ing in re­duced sales and mar­gins in the sec­ond half. The au­to­mo­tive divi­sion ex­pe­ri­enced dif­fi­cult trad­ing con­di­tions in South Africa and Scan­di­navia. Fol­low­ing a strate­gic re­view the board has taken the de­ci­sion to dis­pose of car rental Scan­di­navia. Within the han­dling divi­sion, the strong south­ern African per­for­mance and good growth in Bel­gium and the Nether­lands was off­set by weak trad­ing con­di­tions in the USA and the UK. The lo­gis­tics divi­sion per­formed well and was boosted by the re­cent ac­qui­si­tions. Our broad based BEE trans­ac­tion was fi­nalised and we look for­ward to the long-term ben­e­fits it will bring to the com­pany, our em­ploy­ees and our empowerment part­ners. Our strate­gies and prod­ucts are fun­da­men­tally sound, our bal­ance sheet is strong and the com­pany is well po­si­tioned to take ad­van­tage of growth op­por­tu­ni­ties as they arise. The global growth out­look has de­te­ri­o­rated fol­low­ing the fi­nan­cial cri­sis and its im­pact on the real econ­omy. We are likely to face more dif­fi­cult trad­ing en­vi­ron­ments in most of our ma­jor mar­kets and ge­ogra­phies in the year ahead.”

17 Novem­ber 2008

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