INDUSTRIAL SECTOR
Invicta inches ahead in tough market conditions
Market watchers say the company’s slender increase in turnover is a reasonable performance
It was a hard grind for Invicta Holdings, the industrial conglomerate that is controlled by investment tycoon Christo Wiese, in the six months to the end of September. On Monday, the company, which recently sold off its building supplies hub, reported a slender increase in turnover to R4.8bn, which market watchers said was a reasonable performance under deteriorating trading conditions in the local industrial and mining sectors. The operating margin slipped slightly to 8.8% (previously 9%) with operating profits from continuing operations increasing 6% to R314m. The performance will be viewed against Invicta’s stated target of achieving R20bn in revenue and R1bn for operating profit by 2020. Headline earnings, which strips out once-off profits, came in 7% lower at R243m or 225c per share. In commentary accompanying the results, CEO Arnold Goldstone said the Engineering Solutions Group (ESG) — which distributes engineering products such as bearings, tools, electric motors and hydraul...
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