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SA building and construction industry is "dusting itself off"
BDLive reports that SA French, an exclusive distributor of Potain tower cranes in subequatorial Africa, said that in the year ended June it saw an improved operating performance once exceptional items from last year were removed. With the exception of a settlement agreement reached with its major supplier, New York-listed Manitowoc Crane Group, SA French said it had seen 22% growth in revenue over the past year.
SA French has been shrugging off the consequences of a R100m order for cranes, and subsequent exchange rate losses, made when South Africa's building and construction markets started their collapse from as early as mid-2007. After its planned delisting from the JSE, the business aims to re-list as Torre Industrial Holdings. Torre will subsequently own 100% of the company's issued share capital.
It said on Thursday it had implemented post-rights issue strategies in the year, strengthening the group's financial position, while growing revenue and aggressively reducing the costs base. Charles Pettit, who will be CEO of Torre, told BDLive it was too early to say whether South Africa's building and construction markets had turned, but that new building projects from Cape Town to Sandton meant the industry was "dusting itself off".
Read the full article on www.bdlive.co.za.
