Company news in brief

Etango joins ‘small and elite’ group

Bannerman Energy remains committed to establishing a “highly robust” financial base for its Etango Uranium Project in Namibia, the Australian-listed company said in its latest quarterly report.

“The company’s focus is on closely aligning its strategic financial planning with its development and operational goals, thereby ensuring the long-term success and sustainability of Etango,” Bannerman said in its report for the last quarter of 2023.

The company received a mining licence for its flagship Etango in December, along with award of initial contracts for the Etango early works programme. These contracts hold a combined value of approximately N$36 million and was awarded to a local Namibian contractor after a tender process undertaken earlier last year.

“Etango has now joined a small and elite group of large-scale, greenfield uranium projects that are fully permitted and construction-ready,” Bannnerman managing director and chief executive officer, Brandon Munro, said.

Bannerman is also listed on the Development Capital Board (DevX) of the Namibian Stock Exchange (NSX). It closed at N$43.64 per share on Tuesday.



Clicks reports record Christmas trade

Buoyed by record Christmas trading, pharmaceutical retailer Clicks has reported almost 12% growth in interim retail sales as its namesake stores took market share across core product categories.

The company, which also owns beauty chain Sorbet and The Body Shop, reported on Tuesday that its retail sales grew 11.8% in the first 20 weeks of its 2024 financial year.

The update showed volume increases as well, with sales at comparable stores increasing by 8.4% amid selling price increases of 7.5%.

The only negative was the performance of its medicine distribution business UPD, with Clicks saying total managed turnover decreased by 6.3%, while wholesale turnover came in at 0.8% lower.

This, it said, was mainly due to the effect of a systems transition at UPD's main distribution centre in the early stages of the 2024 financial year. It said wholesale turnover had improved as "systems have stabilised". – Fin24



Woolworths expects earnings slump

Woolworths has warned shareholders that it felt the pressure from South Africa's sputtering economic growth, a bird flu epidemic, and port chaos in its 26 weeks to 24 December, when it saw volume declines in its local food and fashion businesses.

The group's overall turnover and concession sales from continuing operations increased by 5.4% and by 4.4% in constant currency terms, but it saw selling price in South Africa food of 9.1% and more than 11% for fashion, beauty and home.

In Australia, it was also under pressure, with the company noting near-record-low consumer confidence.

Total headline earnings per share could fall by more than a third, but it noted that it had seen an improved performance in the last six weeks of the period. It fell just over 2% and has lost about 15% in the past year. – Fin24



Cashbuild reports better revenue

South Africa's biggest building materials retailer Cashbuild reported that revenue for the second quarter was up 5%, with its 312 existing stores contributing 3% and the nine new stores 2% growth.

This equates to an increase in revenue for the half year ended 24 December 2023 of 2%.

Transactions through the tills during the second quarter by 1%, remaining flat for the half-year, with its new stores offsetting pressure on its existing base. It slipped about 1% after the update. – Fin24