3 February 2011 – trading update
The African trading group has announced a trading statement covering the three months to 31 December showing that revenues were over 21% higher than compared in the same period in 2009. EBITDA for the period was £1.4m, a considerable improvement over the loss of £1.3m recorded in the same period of the previous year. Strong revenue growth was recorded in the agribusiness, the infrastructure business, hotels and support services business, although the transport business reported lower sales. Cash balances at the end of December were £34.3m and with GDP growth forecasts for sub Saharan Africa remaining at over 5% there is clearly scope for the group to make further progress. Despite the rise in the share price, the shares remain GOOD VALUE.