Powerspeed Electrical interim financial report – 2019

June 14, 2019|

Despite the disruptions which occurred in October 2018 and January 2019, the Group had a reasonable half year, benefitting from an increased footprint, increased product range and, therefore, an increased market share in a difficult market. We are relentless in our efforts to continuously improve our customer experience in all of our stores. The steady growth in customer base and throughput, gives us confidence that we are getting things right.

The confusion that surrounds our various currencies and exchange rates make reliable financial reporting difficult. However, we believe that the information presented gives the best possible indication of our financial performance. All figures are presented in RTGS$.

Given the uncertainty in the economy and the cost of processing a dividend, the Board has considered it prudent not to declare an interim dividend for the half year ended 31 March 2019. However, barring any dramatic unforeseen circumstances, we are confident that we should be in a position to declare a dividend at the end of this financial year, as we did last year.

By Order of the Board
M.S. Gurira
Group Company Secretary

Powerspeed Electrical interim financial report – 2019.pdf


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Powerspeed Electrical is a leading supplier of electrical products and services; trading through its own chain of hardware retail outlets known as Electrosales Hardware. The company supplies electrical products and solutions to the painting, plumbing, electrical, building, hand and power tools, outdoor and gardening, and automotive industries in Zimbabwe. Powerspeed Engineering is a subsidiary company involved in rewinding electric motors, supplying industrial fans and ducting for commercial and industrial applications, fabrication of non-standard steel products and structures, and commercial and industrial light fittings, heating elements, distribution boards and domestic irons. The engineering division is the amalgamation of three leading industrial engineering companies; Airflow, Relmo and ELS.

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