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Cape Town – Brait [JSE:BAT] reported a 76.7% increase in its net asset value (NAV) in 2016 as its UK acquisitions, Virgin Active and New Look, produced good results.
The NAV per share increased R77.12 to R136.27 between March 31 2015 and 2016, the company said in a statement on Tuesday.
“This has been another productive, return focused year for Brait,” it said. “The capital raised from the realisation of Pepkor at the close of FY2015 was effectively deployed during the first half of the current financial year in acquiring New Look and Virgin Active.
“Both these assets have produced solid results in their respective financial years and are performing in accordance with the original investment plan,” it said.
“New Look produced a strong financial and operational performance in 2016, continuing its focus on consistent delivery and investment across its strategic initiatives in a disciplined and sustainable manner, to facilitate long term growth,” it said.
“Virgin Active's strategy has been built around a focus on operating and developing prime sites in metropolitan hubs in its key geographies,” it said.
Brait said it continues to explore new pools of capital to enhance its capital structure and ensure that it is well placed for new opportunities to complement its portfolio.
Brait said Premier continues to deliver on its strategy of brand building, through producing consistent quality offerings and product innovation as well as operational efficiencies.
A leading South African-based national staple foods producer, Premier saw revenue increase by 32%. However it did note that it faced challenges due to the drought and weakening rand.
“Against a difficult market environment as a result of significant increases in grain prices due to the severe drought, rand depreciation and the effect of the wheat import tariff, the milling division has focused on managing its margins and costs and improving its milling efficiencies,” it said.
