COMMENTARY
Trading Update
Business proceeded steadily during the quarter under review with the group trading profitably resulting in a 6.95% growth in Shareholders’ Funds during the quarter.
Inflationary pressures have pushed up the real costs of basic household expenses which means reduced disposable income, and therefore less expenditure on hardware products, effectively shrinking the potential market. This has increased competitive pressures as we all fight for market share and inevitably means shrinking margins.
Shortages of locally made products, such as cement and cable, amongst others, has also had a negative impact on our business.
Despite all of the difficulties highlighted above, trading volumes remained relatively strong and profitability steady.
We continue our multifaceted response to the increasingly competitive environment by pursuing new market segments, widening our branch footprint, and expanding sourcing of products directly from the best manufacturers globally, wherever they may be.
By Order of the Board
M. S. Gurira
Company Secretary
August 2022
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Powerspeed Electrical is a leading supplier of electrical products and services; trading through its own chain of hardware retail outlets known as Electrosales Hardware. The company supplies electrical products and solutions to the painting, plumbing, electrical, building, hand and power tools, outdoor and gardening, and automotive industries in Zimbabwe. Powerspeed Engineering is a subsidiary company involved in rewinding electric motors, supplying industrial fans and ducting for commercial and industrial applications, fabrication of non-standard steel products and structures, and commercial and industrial light fittings, heating elements, distribution boards and domestic irons. The engineering division is the amalgamation of three leading industrial engineering companies; Airflow, Relmo and ELS.