Brainworks posts revenue growth across all segments for FY18

Posted On Saturday, 30 March 2019 03:52 Published by
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Brainworks a Mauritian-based JSE-listed holding company with a diversified Zimbabwean investment portfolio – released its trading statement and operational trading update for the year ended 31 December 2018 (“FY18”).

BRET_CHILDS-

Recording revenue growth across all segments of the group with the hospitality segment as the lead driver.

Occupancy rate is expected to show an increase of 7% to 59% (FY17:52%) supported by a 17% increase in average daily rate (“ADR”) to US$109.00 compared to US$93.00 in the comparative period (“FY17”).

The strategic focus on debt reduction yielded notable results with the group reducing its debt burden by 55% from US$38.3 million, attracting a weighted average interest rate of 12%.

CEO Brett Childs says: “Despite Zimbabwe’s economic and political headwinds and the current currency reforms, the group has done exceptionally well for the year under review. The expected growth in revenue was underpinned by the strong performance from all our investments and the successful exit from the financial services sector, which had a positive impact on the group’s profitability. We can now focus on implementing our value chain integration.”

The successful disposal of the group’s equity investments in GetSure and GetBucks has had a positive financial impact on profitability and reaffirms the strategic focus on the core business sector namely hospitality and real estate.

Last modified on Saturday, 30 March 2019 04:02

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