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Johannesburg - Household durables supplier Amalgamated Appliance Holdings (Amap) is looking to sub-Saharan Africa to fuel a successful start to its new financial year.
Commenting on its results for the year to end-June on Tuesday, CEO Alan Coward said the group has finalised its restructuring plans and hopes to capitalise on growth opportunities in Africa.
"There is really big demand for our product range right now, especially among new consumers," said Coward. "So this is a side of our business we need to invest in."
Coward said Amap has appointed agents with instructions to tap the region for market entry points. "We are following the big retailers, like Shoprite and Massmart, who need the type of service we offer."
Remington, Sansui, Westpoint and Russell Hobbs are familiar brands which form part of the Amap range of electronic appliances.
"Tackling Africa will be like cutting an elephant, one slice at a time," said Coward. "It will be a live and learn scenario."
The group reported a net loss of R63.3m, down 346% from a year ago.
Alistair Lea, a portfolio manager at Coronation Fund Managers, said: "Demand [for Amap products in Africa] is very early in its development. However, I think the share is worth more than what it is trading at."
On Tuesday afternoon, Amap was unchanged on the JSE at 150 cents per share.
- Fin24.com