adminPowerspeed’s turnover in the four months to January was up 9 percent against the same period last year. Managing director Mr Hilton Macklin told an annual general meeting that the group had seen an improvement in throughput and the results were reflective of this.Gross profit was up 19 percent but there was a 4 percent increase in expenses due to the branch network expansion.
Mr Macklin said in spite of the illiquid environment, “There is obviously plenty demand but people have no capacity to pay for what they want to consume.”
The Electrosales Hardware brand has continued to improve its already good position as the foremost supplier of hardware products with continuous improvement to the range of products on offer.
Mr Macklin said the group expected a much better half year than 2013 and would continue to expand its footprint. The group had opened four new branches in Harare (Harare Street), Gweru, Chinhoyi and Victoria Falls and this had contributed towards improvement in performance.
“We will continue to expand and improve on the branch network,” said Mr Macklin.
He added that the Harare Street branch was performing well as there was a strategic thrust to move into middle and low income segments which appear to have greater spending power, as a way of broadening customer base.
At the AGM, directors fees for the past audit were approved at US$36 000 as were auditors fees of US$63 536. The group also extended its share buyback scheme. – FinX.
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