Torre final results June 2013
Torre released its maiden final results as a listed company showing revenue of R83.1 million. Gross profit amounted to R41.7 million and EBITDA came in at R11.7 million. A net attributable profit of R5 million was made. In addition, headline earnings per share of 4.31cps was recorded.
There are signs of a recovery in the construction equipment market as orders are being received by SA French and all of its cranes are out on rental. However, the group faces challenges in the materials handling industry as in the short term key customers continue to delay their investment decisions due to the uncertain economic environment. The strong performance of the aftermarket parts sector is expected to continue in the new financial year.
Torre expects to complete a number of acquisitions in the current financial period with at least two of these being explored via existing subsidiaries. Torre's acquisition strategy is methodical and new opportunities are rigorously screened to ensure that management only progress deals that are consistent with the company's strategic plan and which will be value accretive for shareholders. The board is confident and excited about Torre's future and its ability to achieve the key strategic and financial targets that have been established for the group.