PWS.zw | Powerspeed Electrical Abridged results for FY ended 30 September 2019
The Group performed commendably during the year under review, despite the difficult operating environment, and the numbers we are reporting suggest that we have been able to further increase our market share. Although year on year growth was slower than we planned, we still recorded an increase in total volumes traded in our Electrosales Hardware outlets.
Only one new branch was added during the year, bringing our total number of branches to 19 countrywide. In addition, we carried out some extensions and renovations to a number of branches, raising our total retail space to 13 405 square metres.
The Group chose not to apply IAS 21 or 29, in this report, because there have been too many distortions from both the fiscal and monetary measures implemented during the year under review. We have, however, placed emphasis on strengthening the balance sheet, building real assets, as well as reducing liabilities, in an effort to enhance shareholder value.
The Board resolved to declare a dividend of 1 cent per share, for the 12 months ended 30 September 2019, to shareholders on the register on 3 January 2020 and, as per the previous year, there will be a scrip dividend option.
Hilton Macklin
CEO
Powerspeed Electrical Limited
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