ELECTRONICS
Restructuring fails to breathe life into Ellies
The 2017 financial was "one of the toughest if not the toughest" in the history of Ellies Holdings, according to CEO Wayne Samson. The company, which began trading in 1979, has struggled in recent years to attract enough consumers wanting to buy satellite television equipment and other expensive consumer electronic devices. The group unbundled its unprofitable infrastructure business during the previous financial year. Over the past five years, Ellies’s share price has fallen about 98%. For the 12 months to April, the company reported a headline loss per share of 7.45c and a loss for the year of R249m. Samson said the company had been repositioned to focus on consumer goods as opposed to larger commercial and infrastructure work. "Nonetheless, we managed to maintain revenue at approximately R1.3bn, despite the top-line pressures and the difficulty in operating in an import-driven inflationary environment, coupled with the depressed macroeconomic environment and the significant restr...
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