BSI results above target

2008-06-03 00:00

Headline earnings of R98,4 million for the Pietermaritzburg-based and AltX-listed steel group, BSI, for the year ending March 31 were 338% up on the previous year and 23% higher than forecast at the time of listing in October last year.

Joint CEO William Battershill said these maiden results as a listed company are pleasantly above target.

“Our South African-based operations, excluding exports, achieved a 37% increase in tonnage attributable to organic growth. Compare this to the South African Iron and Steel Institute report of a four percent increase in industry volumes for the 2007 calendar year.”

The BSI group of companies operates as a processor, stockist, bulk seller and exporter of steel products.

BSI revenues increased by 62% to R1,432 billion (2007: R882 million).

Organic growth accounted for 55% of this increase, with business acquisitions contributing to the balance.

The overall gross profit margin increased significantly to 20,7%, up from the comparative 14,2%.

Headline earnings per share were up 303% to 14,9 cents.

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