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Ellies Holdings: On the ropes

2020 has dished up unprecedented challenges even to businesses that had been in the rudest of health, and this is not something that could have been said of Ellies. Its chair admits that he was wrong to think that last year’s major clean-up had wiped the slate clean, and this year has seen further significant write-offs and impairments on inventory, properties and goodwill. Losses after tax rose to R196.7m, with the lockdown in March and April contributing a decline in revenue of some R97.7m and a gross profit decrease of R26.4m...

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