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Cashbuild shares soar on revenue surge

Johannesburg - Building retailer Cashbuild [JSE:CSB] recorded a 6% increase in revenue to R6.78bn, despite difficult trading conditions, CEO Werner de Jager told Fin24 in a video interview on Tuesday.

The group announced its full year financial results on Tuesday, which sent its share price higher by 6.96% to R139 at midday.

"Cashbuild has managed to increase its revenue by 6% for the year under review and have also managed to increase our headline earnings by 11% which is particularly pleasing seeing the tough economic circumstances that we’re trading in," de Jager said.

It declared a final dividend of 253 cents per ordinary share, by a third, while also increasing headline earnings per share to 1 144.6 cents versus 1 028.3 cents a year earlier.

“During this year we also invested significantly into new stores and store development projects with a total of 48 projects being completed.”

Included in these projects are fifteen new Cashbuild stores as well as six DIY stores.  It also refurbished 20 stores and relocated seven others.

Said De Jager: “In total, it equated to a R270m investment back into the business and it just shows our confidence in our business in terms of growing it for the future and investing back into our business.”

Watch: Cashbuild revenue surges R6.78bn



In terms of the prospects, he said the group is positive about the future and will also pay particular attention to keeping costs under control.
 
The group has already reported an increase in revenue of 10% for the first six trading weeks since year-end on that of the comparable six weeks.

 - Fin24

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