JAMIE CARR: Basil Read dragged down by past projects
Cash flows are still on a knife edge, and the firm’s future remains in the balance
There are few sights more edifying in the market than doom-sayers being made to eat their shorts, and we can but hope that Capitec’s results marked a particularly indigestible meal for the eccentric Cassandras at Viceroy. Stellenbosch needs a bit of good news to take back the narrative from the gloom of the Steinhoff debacle, and Capitec’s excellence will do a lot to reclaim the town’s reputation as an incubator of quality businesses. What is particularly impressive is that Capitec has managed to continue its growth momentum in tough economic conditions, despite it having long shed its plucky little upstart role and now being a full-grown whale. The company is knocking on the door of 10m customers, not to mention R100bn of market cap, yet it continues to win all manner of client service awards on the back of an offering that gives clients what they need to manage their finances at a reasonable and clearly delineated price point.This may not sound like rocket science but it’s obvious...
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