Brainworks posts revenue growth across all segments for FY18

Posted On Saturday, 30 March 2019 03:52 Published by
Rate this item
(0 votes)

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
" "

Most Popular

Equites Property Fund to list on A2X

Jun 25, 2019
ANDREA TARVENA
Equites Property Fund Limited has been approved for a secondary listing on A2X Markets…

McCormick Property Development Celebrates the Opening of Katale Square

Jun 29, 2019
 JASON MCCORMICK
McCormick Property Development celebrated the launch of its 66th development with the…

New standard bank deal will make it easier for self-employed professionals to qualify for the mortgage bonds

Jul 03, 2019
 STANDARD BANK
Ever since the tightening of credit rulings in the South African economy which followed…

Hyprop reduces exposure to Africa and provides pre-close update

Jun 29, 2019
MORNE WILKEN
JSE specialist shopping centre REIT, Hyprop, today announced progress on its strategy…

Twin City to develop new R230m mall in Vryburg, North West

Jul 10, 2019
 TWIN CITY
The North West agricultural town of Vryburg is set to get its first enclosed shopping…

Please publish modules in offcanvas position.