ENGINEERING: Invicta's Happy Results
Recent Western Cape Business News
Parow-based industrial giant, Invicta Holdings Limited, has announced positive audited Group results for the year ended 31 March 2010.
“In spite of the depressed market, which was characterised by weak demand for product, a global liquidity crisis, a strong Rand and tough trading conditions, Invicta has recorded pleasing results,” says Arnold Goldstone, CEO, Invicta Holdings Limited. “Good margin management and tight cost controls have resulted in a modest decline in operating income of 8,9 % to R453-million. Improved financing costs and dividends received, meant an 0,7 % increase in profits to R365-million. Earnings per share increased by 3,7 % to 453 cents per share - a very pleasing result in a challenging market.”
“The Group placed particular emphasis on working capital management, resulting in cash generated from operations of R590-million being achieved – the highest ever for Invicta.”
Strategic acquisitions have been positive for Invicta Holdings. These include the acquisition of 100% of Criterion Equipment effective 1 June 2009 and 70% of Wegezi Power Holdings effective 1 April 2010.
Criterion Equipment operates in the materials handling sector, with TCM forklifts being its primary product. Wegezi Power Holdings manufactures and repairs transformers, electric switch gears, panels and pumps.
In spite of challenging trading conditions in the industrial consumable sector, BMG – Bearing Man Group - continues to be the core profit base of the Group. BMG achieved turnover for the year of R2 018 million, with an operating margin of 14,5 %. BMG’s latest acquisition was the purchase of a 70% stake in Turnkey Hydraulics (KZN), which now operates as BMG Hydraulics KZN.
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