Winhold fired the management and cut staff by 39% at one of the businesses within Gundle Plastics to implement a "change of behavioural patterns and the establishment of a new culture". The industrial holding company on Friday morning reported a 6% decline in revenue to R1.1bn and 37% drop in aftertax profit to R19.6m for the year to end-September. Winhold declared a 4c dividend for the year, nearly half the previous year’s 7c. Winhold did not name the division within Gundle where it fired management and cut staff, simply saying "one of the manufacturing operations was subject to a turnaround strategy". "The reduced labour force and new management bought into these changes and a new spirit is developing — so much so that the last month of the financial year showed a much improved performance," it said. Gundle’s dam lining division suffered a 61% drop in profitability, but this was due to a bumper 2015. "The results achieved were as per budget, and, as such, the division did well," t...
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