Meikles Ld Shareholders' Update
July 12 2016 - 1:00AM
UK Regulatory
TIDMMIK
SHAREHOLDERS' UPDATE
Shareholders will recall that an update to shareholders was released on 8 March
2016.
Shareholders were advised in that update that a basis on which funds are to be
recovered from Government, in terms of the Reserve Bank of Zimbabwe Debt
Assumption Bill of July 2015, had been agreed.
Documentation in support of the agreement has still not been completed by
Government. The Company has stressed the urgency of this matter with
Government. This documentation is crucial to the release of the Company's
audited financials for the current year.
The Company has obtained from the Zimbabwe Stock Exchange approval to delay the
release of its audited financials until the end of July 2016.
Shareholders will note from comments made in the Chairman's Statement in the
previous year's financials that disclosure of sums relating to the debt will
only be made when the Company is in receipt of the appropriate documentation.
Trading Update
Group turnover for the year to 31 March 2016 increased by 10% relative to the
previous year. With the exception of Hospitality, all segments of the Group
contributed to the increase. The total Group turnover for the year was $454
million.
Operating income increased by 14%.
Expenditure driven primarily by a growth in occupancy costs, resulting from
expansion, increased by only 1% relative to the previous year. This increase
represents an effective decline relative to the growth in turnover.
EBITDA increased by $11.5 million relative to the previous year.
The financial implications of the agreement with Government will be included in
the annual results for the year to 31 March 2016.
The Board regrets the delay in the release of the audited financials.
BY ORDER OF THE BOARD
12 July 2016
END
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