Argent upbeat on future growth as restructuring offsets tough economy
ARGENT Industrial, a steel-based beneficiation group with businesses that include international brands, says the strategic restructuring of the group has paid dividends in the year to March.Argent, which is led by CEO Treve Hendry, said that consolidation of its steel trading division into two entities and reducing exposure to the automotive sector had been a major contributor to growth this year. "The focus on manufactured brands has created the anticipated platform on which to expand, both locally and internationally," the group said on Wednesday.The manufacturing division had performed well in a poor South African economy, Argent said. The well-known Xpanda security door brand continued its strong performance. Coupled with the group’s diversification into school furniture, it helped drive profits.The slump in the global and domestic steel markets, coupled with the sudden drop in steel prices, cost the group an estimated R18m. But coinciding with the recent implementation of impor...
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