DIY market falters as consumers feel the pinch
Building material companies report drop in earnings after pandemic boom
05 March 2023 - 06:58
High interest rates and increased costs for food and fuel have crimped discretionary spending, dampening the growth prospects of home building and renovations companies.
On Wednesday, JSE-listed building material company Cashbuild reported a sharp drop in earnings in the half-year to December as consumers cut back on new building projects and renovations, and it warned that trading for the rest of its 2023 financial period will remain subdued. Cashbuild said subsequent to the half-year period, group revenue for the first six weeks of this year is 8% lower than the prior year’s comparative period. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.