Important Security company takes big losses due to COVID – Trellidor slides to loss after zero-sales trade barriers
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[This is a famous security company in South Africa that makes security products for homes and businesses. Jan]
DURBAN – Trellidor, manufacturer of custom-made barrier security products, yesterday slid into a loss of R24.54million in the year to end June, hurt by the closure of its manufacturing facilities for April due to the Covid-19 lockdown.
Last year the group reported a profit of R43.04m. The share price closed 12.43percent higher at R1.90 on the JSE yesterday.
Trellidor said its performance reflected the challenges of the economic conditions in South Africa, including the national lockdown, increasing unemployment, house price deflation, gross domestic product growth significantly below potential and correspondingly poor consumer, investor and business confidence.
Revenue declined by 18.1percent to R421.5m and at half-year, end of December 2019, group revenue was down by 4.2percent.
However, the national lockdown, which came into effect on March 27, resulted in both manufacturing facilities being closed for April with close to zero sales for the group.
Manufacturing facilities resumed from early May after the country moved to level 4, but at a reduced capacity to comply with social distancing regulations, which remained in place for the balance of the financial period, Trellidor said. Sales in May and June remained subdued as the economy slowly started to rebuild following the hard lockdown of April.
“The lockdown resulted in revenue of R72m below our internal forecast for the fourth quarter,” the group said.
Headline earnings per share decreased by 65.6percent to 13.8cents a share and earnings per share decreased to a loss of 21.8c compared to earnings of 40c reported last year.
Trellidor did not declare a dividend.
Looking ahead, the group said it entered the Covid-19 lockdown with a strong balance sheet, positioning it well for the uncertain and volatile business climate, which was expected to continue for the immediate future.
“Sales performance through July and August have exceeded expectations but the group will continue with its strategy of improving the gross margins and reducing operating expenses in both Trellidor and Taylor,” the group said.
Revenue in the Trellidor segment declined by 20.1percent to R256.8m while Taylor’s revenue declined by 14.9 percent to R165.1m.
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