Supergroup

23/02/2011

Super Group recovery continues

Global logistics company Super Group saw a further turnaround in fortunes in its unaudited results for the six months ended December 31.

The company said yesterday its core supply chain, vehicle dealership and fleet solutions divisions performed well, despite challenging economic conditions .

"In the last quarter of calendar 2010, we really geared the group up for organic growth. I think we have achieved the turnaround," CEO Peter Mountford said.

The emphasis in the next six months would be on consolidating this momentum, after a prolonged period of restructuring, involving R1,2bn in recapitalisation, a heavy reduction in net debt, and the disposal of numerous assets.

Earnings per share and headline earnings per share cannot be compared with the earlier period because the group issued 2,7-billion shares in late 2009 during its recapitalisation.

The group said it had repaid all its term loans during the period, consolidating gearing at 40% compared with 54% in June.

Mr Mountford said the group would expand into pharmaceutical distribution, and further dry goods transport. 

Source: Business Day