The Group performed commendably during the year under review, despite the difficult operating environment, and the numbers we are reporting suggest that we have been able to further increase our market share. Although year on year growth was slower than we planned, we still recorded an increase in total volumes traded in our Electrosales Hardware outlets.
Only one new branch was added during the year, bringing our total number of branches to 19 countrywide. In addition, we carried out some extensions and renovations to a number of branches, raising our total retail space to 13 405 square metres.
The Group chose not to apply IAS 21 or 29, in this report, because there have been too many distortions from both the fiscal and monetary measures implemented during the year under review. We have, however, placed emphasis on strengthening the balance sheet, building real assets, as well as reducing liabilities, in an effort to enhance shareholder value.
The Board resolved to declare a dividend of 1 cent per share, for the 12 months ended 30 September 2019, to shareholders on the register on 3 January 2020 and, as per the previous year, there will be a scrip dividend option.
Hilton Macklin
CEO
Powerspeed Electrical Limited
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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.