enX announces healthy rise in interim profit and revenue
The diversified industrial group says stronger relationships with manufacturers, UK expansion and a strong managing structure contributed to the solid results
Diversified industrial group enX says its interim results for the six months ended February 2018 have been boosted by six months of trading results for new acquisitions, up from four months of trading in the comparative period. The company has been deepening relationships with original equipment manufacturers and is expanding its UK footprint, amid a strengthening of the group’s funding and the bedding down of its management structure. It says that by separating operations from contract mining, the acquired businesses have been operating profitably, reducing net debt and allowing the group to re-enter debt capital markets. Revenue was R3.6bn from R2.4bn in the interim period in 2017. Net profit was R141m from R117m in the same period previously. "We now have [the option to] invest in our existing businesses or opportunistically as new prospects arise," CEO Steven Joffe said on Monday. The group provides distribution, rental and value-added services for industrial and materials handl...
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