aurora
Farming implements manufacturer, Zimplow has said third quarter trading volumes were up across all business units, spurring year to date (YTD) revenues 10 percent ahead of prior year.
In a trading update, the group said its YTD performance gained momentum in the third quarter ended 30 September 2020. But operating profit was flat against the prior year.
“The new financing relationship on our capital goods, the injection of new energy in the team and our ability to take advantage of market opportunities, despite the serious headwinds in the trading environment, provided the lift off to our performance,” it said.
On operations, Barzem YTD performance was 420 percent ahead of the previous year’s performance. The business unit sold 26 whole goods compared to 5 in the same period prior year. After sales business was flat compared to prior year.
Aggressive efforts to put CT Bolts on a growth trajectory continue to yield positive results. This comes as the business unit achieved an average of 33 percent growth on all fastener lines on a year to date basis.
At Farmec, tractor volume sales were flat with 76 units being sold, but sales from the business unit’s implements category shot up, pushing its overall performance 4 percent up on the previous year. Also, Pipeline prospects are promising, as such, the business forecasts that year-end volumes will surpass the prior year’s performance.
Powermec’s revenue on whole goods was 8 percent ahead of prior year, the business unit’s product mix was skewed towards big gen-sets. After sales labour hours sold were 56 percent ahead of prior year volumes for the same period. The business is planning to broaden its product mix in line with business targets.
Mealie Brand saw local implements sales levelling against prior year.
Spares sales were 11 percent ahead of prior year on both the export and local market.
“Weather forecasts project good rains for the country, as such, the teams are working aggressively to meet demand for this coming period in order to close the year with a strong performance.”
In the outlook, the group expects to exceed last year’s performance and initial targets.
New Ziana
Online Reporter