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Johannesburg - Iliad Africa Trading has increased interim revenue for the half-year to the end of June and will explore three avenues to further grow the business, CEO Eugene Beneke told Fin24.
"Iliad is pleased to report a solid set of results for the first six months of 2014", he said.
The building materials distributor increased revenue from comparable stores by 4.6% to R2.1bn for the half-year to the end of June.
Beneke said the 4.6% revenue growth is acceptable within an industry where inflation is between 4% and 4.5%.
Earnings per share was 30.3 cents compared to a loss of 39 cents in the same period last year and headline earnings per share increased to 30 cents in comparison with 0.4 cents in prior year
Ebidta on comparable stores was at R78.2m, compared to R77.7m for 2013.
Iliad attributed the improvement in earnings to the group’s portfolio adjustments in 2013.
"Iliad made significant portfolio adjustments in 2013, selling off three businesses,” Beneke said.
Watch: Iliad records revenue jump
“The result at the interim is driven by the fact that the benefits that we targeted, with the sale of those businesses, have been delivered on."
However, he also cautioned that lower gross domestic product (GDP) growth, a tough labour environment and an increase in inflation and interest rates, impact the industry.
He said that going forward; the group will explore three avenues. These are organic growth, new stores and acquisitions.
- Fin24
