Accéntuate acts to reverse 7% slide
Revenue was affected by lower sales in both FloorworX and Safic
Accéntuate, the diversified construction, chemicals, infrastructure development and water treatment group, says its revenue slipped 7% in the year to June, to R300m.
Revenue was affected by lower sales in both FloorworX and Safic, which deal with chemical products and cleaning services businesses.
"There has been sluggish infrastructure spend and the recessionary environment experienced in the construction, manufacturing and mining sectors in which Accéntuate is strongly represented has placed pressure on the group," said CEO Fred Platt.
The group had emerged leaner after putting focus on sustainability and cost control. It had greater focus and was better placed to take advantage of opportunities in future.
Platt said the group had put in place several internal measures to bolster the control environment, including strengthening the audit and risk committee, the appointment of Maarten Coetzee as chief financial officer, the engagement of PwC as a new external auditor and new providers for both the internal audit and company secretarial services.
"We are confident that government infrastructure spend will improve, but to offset what we foresee as another difficult six months ahead, we are taking remedial actions now, including a conscious reduction of inventories through a structured programme," Platt said.
Subsequent to year’s end, Accéntuate concluded the R40m Pentafloor acquisition.