Cashbuild shares bouncing 6% this morning after they reported a 25% jump in revenue and an increase in gross profit of 34%.
Looking at these results, one gets the feeling that many households used the opportunity of lockdown periods to spend money on home improvements and alterations.
Operating profit doubled for the year with headline earnings per share also jumping by 152%.
Investors are also in for a nice treat. The company announced a dividend of R22.11 per share.
Let me tell you, these results could have looked a lot better too. If it wasn’t for the riots and looting that took 36 of their stores out of the equation, Cashbuild’s annual results could have been a lot sweeter.
Anyway, nothing for investors to complain about. Cashbuild very resilient over the last year and look to be going from strength to strength.
What’s happening on the market?
- JSE down almost 0.7% on the Allshare index.
- Naspers continues to recover to that’s helped lift the industrial index by 1%.
- BHP Billiton shares are trading EX-dividend today for a Whopping R29.00 so the shares are artificially down 8%.
- resources index down -3.3%.
- Financials seem to be taking a breather today too after a strong day yesterday, despite the Rand having strengthened to R14.42/$, our financial index is lower by nearly 0.5%