Shares in Christo Wiese’s company surge as much as 28%
Invicta manages to boost operating profit, but writedowns of R1.1bn push holding company into the red
27 July 2020 - 10:09
UPDATED 27 July 2020 - 18:58
The shares of Christo Wiese’s industrial holding company, Invicta, surged by more than a quarter on Monday, after it said it managed to grow operating profits despite a year characterised by load-shedding, drought and Covid-19 uncertainty.
Invicta, which employed 3,000 people as of 2019, is looking to cut about a fifth of its workforce after swinging into a loss in its year to end-March amid writedowns that exceeded its market capitalisation.
BL Premium
This article is reserved for our subscribers.
A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
Already subscribed? Simply sign in below.
Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now