Australia's Perenti secures R12bn mining contract in Burkina Faso
Australia's Perenti said on Monday it will provide underground mining services at London-listed Endeavour Mining's Mana complex in the West African country of Burkina Faso under a A$1.1-billion (R12.76bn) contract.
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IOL News
a day ago
- IOL News
TFG's robust earnings reflect strategic growth and online success
TFG's results for its 2025 financial year underscored a focus on market share growth, margin improvement and cost management, said its CEO, Anthony Thunström Image: Supplied JSE-listed international fashion, homeware and lifestyle retailer TFG's robust financial results for the year to end-March 2025 were fueled by a strong second half from TFG Africa, store expansion, and the acquisition of White Stuff in the UK. Headline earnings a share (HEPS) were up 4.6% to 1015.6 cents. The final dividend was raised by 15% to 230 cents a share. 'The result underscored a 'relentless' focus on market share growth, margin improvement, and cost management,' CEO Anthony Thunström said in a statement. The group has a portfolio of 39 leading retail brands, with over 4 900 outlets in 23 countries on five continents. 'We are targeting the opening of over 100 new stores in the coming year while optimising our existing footprint. With the Riverfields distribution centre now close to fully operational—alongside our other growth and efficiency strategies—we expect continued improvement in operating margins and capital returns in 2026 and beyond,' said Thunström. The Africa business led the charge in the past year with "exceptional" results in the second half. Online sales surged, driven by the success of the Bash platform, which had reached profitability two years ahead of schedule: 'a very likely unique achievement in the South African retail space,' said Thunström. Gross margins expanded by 150 basis points. These gains, along with disciplined cost management across divisions, translated into solid profit growth. Online sales maintained momentum and accounted for 12% of group sales, up from 9.9% the previous year. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading TFG Africa's sales were up 7% in the second half as the base normalised from the prior year's first half's clearance activity. All brands and categories showed improvement, generating full-year growth of 3.7%. Thunström said there was strong growth ahead of the market from womenswear, beauty, and jewellery, as well as recently acquired businesses, Jet and Tapestry, where the retail platform provided credit, online, and distribution capabilities. Online sales grew 43.5% and contributed 5.8% (2024: 4.2%) to total TFG Africa sales. TFG UK increased sales 16.4% in pounds following the acquisition of White Stuff from October 25, 2024. White Stuff saw 20.3% year-on-year growth for the five months post-acquisition. The addition of White Stuff to the portfolio saw store sales up 11.8% and online sales grow 22.5%. Online sales now contribute 44.8% (42.7%) of total TFG UK sales. TFG Australia faced difficult trading conditions, with sustained high inflation and interest rates impacting the consumer. Sales were 2.6% lower in Australian dollars, with a mixed performance throughout the second half in a 'highly promotional market,' Thunström said. Online sales grew by 7.3% and now contribute 8.1% (7.3%) to total TFG Australia sales.
TimesLIVE
a day ago
- TimesLIVE
Mali hearing on Barrick's suspended Loulo-Gounkoto complex adjourned to June 12
A Malian court has adjourned until June 12 a hearing on whether to put the Loulo-Gounkoto gold mining complex, suspended since January due to a dispute between its owner Barrick Mining and Mali's government, under provisional administration, a judge said on Thursday. The government's request to appoint an administrator comes amid soaring gold prices, and signals its desire to end the standoff and reopen the complex. Granting the request would represent a major escalation of a years-long dispute over taxes and ownership between the West African country and the Canadian miner, which suspended operations in January after authorities blocked its exports and seized its gold stock. Barrick Mining, previously called Barrick Gold, has said operations can only resume when the Malian government removes the restrictions on gold exports imposed in November.
IOL News
a day ago
- IOL News
Mr Price hits milestone with 3,000 stores despite anaemic economic outlook
Mr Price Home store at Canal Walk, Century City Image: Ian Landsberg/Independent Newspapers JSE-listed Mr Price Group demonstrated the resilience of its fashion-value business model, posting a 7.9% increase in total revenue to R40.9 billion for its 2025 financial year. In its results statement issued on Friday, Mr Price said it reached a milestone of now having just more than 3,000 stores during the full year, as it opened 184 new stores across its 15 trading chains. Weighted average trading space increased 4.3%. However, Global economic uncertainty has cast a shadow when it comes to growth prospects in 2025, as potential US tariffs threaten markets worldwide, it said. 'The South African economy has not been spared from this impact and its forecast gross domestic product growth has been revised downwards from the previously bullish outlook at the end of 2024,' the group noted. It added that South African consumers have received some short-term relief through lower inflation, decreasing fuel prices, and interest rate cuts totalling 1 percentage point, all of which contributed to increased disposable income, Mr Price said. It added that, while real wage growth is showing signs of recovery, the sustainability of these improvements remains questionable given both global and domestic economic uncertainties. Despite these challenges, Mr Price remains focused on its fashion-value merchandise strategy, which continues to resonate with its growing customer base. The retailer maintains its position as South Africa's most shopped clothing store according to MAPS data, reinforcing its commitment to being the "customer's value champion" even in volatile times. The retailer gained 0.5 percentage points of market share according to Retailers' Liaison Committee data, while expanding its gross margin by 0.80 percentage points to 40.5%. The group achieved a record operating profit of R5.8bn, with its operating margin increasing 20 basis points to 14.2%. Basic and headline earnings per share grew 11.0% and 10.7% cents respectively. Its second half performance was particularly strong, with diluted headline earnings per share growing 12.1%, it said. This came despite February's weaker retail performance and the shift of school holidays and Easter from March to April, Mr Price noted. Mr Price attributed the improved performance to better sales momentum and lower markdowns following a more subdued first half in the retail sector. Group CEO Mark Blair said that, while the first half presented challenges for retailers, conditions improved in the second half. "We are very satisfied to have gained similar levels of market share in both periods, reflecting the value we were able to provide our customers despite very different economic conditions," he said. Blair added that growth in sales momentum through the second half was supported by strong comparable store sales growth and gross profit margin gains across all trading segments. The board declared a final dividend of 593.5 cents per share, up 12.7%. IOL
