Ellies close to looking at plug-in acquisition
The lighting and electrical products company reports its first annual profit in four years
Lighting and electrical products company Ellies, which on Monday reported its first annual profit in four years, is nearly ready to look at acquisitions and other growth opportunities again, says financial director and interim joint CEO Adrian Bock. "I’m a big proponent that Ellies has to grow," said Bock. He will step down from his dual role at the end of December after largely fulfilling his mandate to stabilise the group, whose shares plummeted from nearly R10 in 2013 to 34c on Monday. The company would have to be "calculated and risk-averse" as it looked to add new products and businesses, Bock said. While the group now had "lots of headroom" in terms of funding, it would probably not consider hefty deals. "But there will come a time when Ellies will have to make a bolt-on acquisition to look to grow, and I think that time is imminent." The group was not yet looking at any meaningful deals, but would discuss its new strategy at an upcoming board meeting, he said. Ellies’s revenu...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.