TRADING UPDATE
Satisfactory customer service levels were maintained during the quarter under review and Shareholders’ Funds grew by 3.5 % in the quarter in real terms.
We continue to mitigate the impact of COVID-19 through compliance with best practice and regulatory COVID-19 protection measures although the business continues to be negatively impacted through reduced trading hours and curfew-impacted staff availability.
Margins have been negatively impacted during the period as a result of real increases in commodity prices, significant logistics cost increases and an increasingly competitive hardware market, both formal and informal.
Increasing lead times being experienced by global, regional and local supply chains has affected working capital management efficiency.
Despite these challenges, trading volumes remained strong and profitability steady, as a result of a boom in domestic construction and diaspora remittances.
We are mitigating an increasingly competitive industry by continuing to pursue new market segments, widening our branch footprint, and expanding global sourcing of all products directly from the best manufacturers.
Management is focused on increasing stock levels to mitigate supply chain difficulties within the constraint of our financial resources.
GROUP REVENUES
Quarterly Historical Group Revenue
| June 2021 ZWL$ |
June 2020 ZWL$ |
% Movement (Quarter) Historical |
|
| Revenue | 5 890 225 958 | 875 612 976 | 572.7% |
By Order of the Board
M. S. Gurira
Company Secretary
Latest news and corporate announcements from Powerspeed Electrical Limited (PWS.zw).
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.
