Rolfes final results June 2018
Revenue for the year decreased to R1.422 billion (2017: R1.437 billion), gross profit lowered to R289.2 million (2017: R299.3 million), loss for the year attributable to owners of the parent plummeted to R1.5 million (2017: R11.5 million), while headline earnings per share weakened to 12.61 cents per share (2017: 41.01 cents per share).
Notice was given that a final gross cash dividend of 4 cents per share in respect of the year ended 30 June 2018 has been declared payable, from income reserves, to the holders of ordinary shares recorded in the books of the company on Friday, 19 October 2018.
Operating environment and prospects
The group has made good progress on the strategic and legacy issues and the foundation has been set for the future to deliver normal results and achieve appropriate returns. While ensuring we focus on our South African businesses, we will be trying to maximise our African revenues through direct exports reducing the risks related to cross-border costs, stock holdings and collections. New product ranges continue to be added to the portfolio and we are leveraging off our current capacities in all divisions. The start to the new financial year has met the board expectations and the group is on track to achieve an improvement in normalised earnings. Prospects in all divisions are positive and opportunities exist in all of our segments. The management team is well equipped, appropriately incentivised and focused on the strategic imperatives of delivering sustainable earnings and returns on capital employed.
Changes to the board
At year-end, the board comprised nine directors, two executive directors and seven non-executive directors of whom four are independent non-executives. As the chairman is not independent, Seapei Mafoyane serves as the lead independent director. On 16 October 2017, Lizette Lynch resigned with immediate effect and Mr RM Buttle was appointed as chief executive officer. Andre Broodryk was appointed as chief financial officer on 6 November 2017.