Accéntuate blames election for its poor showing
CEO Fred Platt says demand at its mainstay FloorworX business took a knock during the municipal elections
AltX-listed manufacturing group Accéntuate is set to restructure its flooring and water-treatment businesses in the next few months as the company struggles to grow profits in a slow-growth economy. CEO Fred Platt said more details about significant changes to the company would be released soon and that it was in talks with various parties and trading under cautionary. Platt spoke to the media after the release of financial results for the six months to December that showed that the group’s revenue fell nearly 8% in the reporting period, to R159.3m. Its profit after tax halved to R3.4m, from R6.8m in the same period in the previous year. Platt said customer demand at its FloorworX business, which contributes close to 80% of its revenue, had taken a knock because of the local elections. He had warned shareholders that Accéntuate tended to have fewer orders from the state during election periods. "We are operating in a very difficult economy at the moment. The effect of the municipal ...
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