Diversified industrial conglomerate Barloworld says its simplification strategy is paying off as it slashed debt 86% in the year to end-September and paid an improved dividend despite tough operating conditions.

The R14.8bn JSE-listed group reported on Monday that its net debt reduced to R668m from R4.6bn, thanks to its R2.7bn reported free cash inflow and the unbundling of the Avis car rental and leasing business...

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