Nampak makes good recovery

UP: DESPITE STILL REPORTING BIG LOSS

- Adriaan Kruger

Nampak management says its results for the financial year to end-September this year show a strong recovery and prove the success of what it terms an ambitious transformation.

While it still posted a loss after tax of R702 million, this is a lot better than the loss of nearly R4 billion in the previous financial year.

Phil Roux, CEO of Nampak, said the group made "positive strides" over the past 12 months.

"The success of the turnaround strategy is evidenced by the strong financial recovery, including effective revenue growth management, cost and inefficiency extraction, profitability and positive cash flow.

"This was augmented by the successful refinancing, numerous divestitures and the implementation of a sustainable business model," he said.

The numbers

Group revenue from continuing operations increased 1% to R10 billion, with management saying consumers' disposable income was still affected by high interest rates and high inflation for most of the year.