Steinhoff’s African and East European assets outperformed the group’s operations elsewhere. The performance of the African assets, in particular, highlighted the case for a separate listing to unlock shareholder value. In the six months to March 2017, the African business increased its total revenue 25% to €522m. On a like-for-like basis, African revenue increased 4%, a good showing when compared with other domestically listed retailers. Kagiso Asset Management associate portfolio manager Dirk van Vlaanderen said Pepkor’s strong performance in Africa and in Europe helped buoy the group’s overall results. "The African business — mainly consisting of Pep and Ackermans in SA — saw like-for-like revenue growth of 8% as they clearly gained market share against competitors," said Van Vlaanderen. "The aggressive store roll-out strategy in eastern Europe continues, with constant currency revenue growth of 60%," he said. Pepkor, the group’s discount and value retail concept, reported double-...

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