At the company’s 17th AGM held yesterday, Wednesday 27 February 2019, all resolutions tabled were passed without any amendments. Group CEO Mr. Milton Macheka gave a trading update for the five months to February 2019 where he indicated that turnover was 27.8% above the corresponding period at $23.0m, although distorted by the current reporting of USD and RTGS. Local volumes de-clined by 20.0% y-o-y across the business except in Kadoma which is holding vol-umes at FY 18 levels. Export volumes increased by 10.0% to USD 2.2m in line with greater focus on export growth.Gross profit margins deteriorated to 41.0% from 44.0% in the previous period. Operating expenses were up by 45.0% due to inflationary pressures. Profit before tax was up marginally to $4.0m versus $3.9m in prior year.
Major challenges remain the depress