Meikles : MEIK.zw | Abridged unaudited results for FY ended 31 March 2016

Meikles Limited releases its abridged unaudited financial results for the year ended 31 March 2016. Below is the Group overview extract from the Chairman's Statement:

Your Board is required to release unaudited results for the year ended 31 March 2016. These results are exclusive of sums due from Government. The Board has not yet received adequate confirmation from Government to justify the inclusion of these sums due in the unaudited financial statements…

HOSPITALITY

The segment's total revenue for the full year declined by 4% to US$15.8 million (2015: US$16.4 million) due to the introduction of value added tax of 15% on revenue from foreigners which could not be fully passed onto guests through price increases…

STORES

The segment's revenue for the financial year ended 31 March 2016 was US$22.2 million (2015: US$17.3 million), reflecting an increase of 28% over the last year due to the opening of new stores which operated for part of the year…

SUPERMARKETS - TRADING AS TM AND PICK N PAY

The segment posted an excellent set of results for the financial year ended 31 March 2016. These positive results came in an environment characterized by a number of impediments, mainly sluggish economic conditions and deflation in food prices…

AGRICULTURE

Tanganda's revenue for the financial year ended 31 March 2016 of US$22.4 million was 6% higher than the revenue of US$21.1 million in the previous year, mainly due to greater volumes of bulk tea sales…

FINANCIAL SERVICES

Meikles Financial Services (MFS) had a successful year to 31 March 2016, having experienced uninterrupted growth…

SECURITY SERVICES

Meikles Guard Services' objective for the financial year ended 31 March 2016 of expanding the number of contracts outside the Group was achieved in part…

OUTLOOK

The Group's EBITDA performance in the 2017 financial year has so far been favourable relative to the year under review. It is expected that rains in the forthcoming season will be far more normal. The Group cannot predict the likely course of economic trends for the balance of the financial year. However, the Group will continue to observe closely the course of economic trends. The Group will also continue pursuing the recovery of the sums due by government, cost reduction efforts, strong marketing and margin control. Where possible, short term loans will be converted to medium term loans. Market appetite for this conversion has improved.

DIVIDEND

The Board resolved not to declare a dividend for the year.

APPRECIATION

I would like to extend my appreciation to our customers for their continued support and to our shareholders and regulatory authorities for their support and guidance. I would also like to extend my thanks and appreciation to fellow Board members, management and staff for their dedication and commitment.

JRT Moxon
Executive Chairman

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