Business
Half yearly Report for the period ended 30 Apri...
Half yearly Report for the period ended 30 Apri....
About this update from Everest Global Plc
[{"type":"text","content":"\n \n 29 July 2022\n ANGLO AFRICAN AGRICULTURE PLC\n DIRECTORS’ REPORT AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS\n FOR THE SIX MONTHS ENDED 30 April 2022\n Anglo African Agriculture plc (“AAA” or the “Company”)\n Half yearly report for the six months ended 30 April 2022\n The Chairman’s Report\n I am pleased to report our results to the end of 30 April 2022. As disclosed in the 2021 annual report the unexpected collapse of the Comarco transaction adversely affected shareholders and we remain exceptionally disappointed by the behaviour of the management at Comarco. The aborted transaction has resulted in the board reviewing the ongoing purpose and importantly direction of the company. The Board will inform shareholders in due course of the results of this review and path forward.\n The last six months of trading have been challenging globally. COVID-19 continues to disrupt global economies and business operations. The war in Ukraine unexpectedly cast another layer of uncertainty and has weighed adversely on global economic conditions. AAA has not been spared from these global events, the Company and management have had to adapt to the challenging environment. We believe the Company is strongly positioned to navigate this uncertain period and importantly take advantage of opportunities caused by the economic downturn. \n Our South African operations brought in a new CEO Serge Pavlovic. Under a difficult operating environment, the team in South Africa have done a commendable job to steer the ship in the right direction. The Company had to provide additional funding to stabilise Dynamic Intertrade during the period under review and will continue to support its operations now consider what is best for the future.\n Dynamic Intertrade (“DI”)\n For the period under review DI had a tough period caused by a general economic slowdown. For the 6-month period ending 30 April 2022, the group recorded a decrease in revenue from R16.07 million to R14.04 million representing a 14,5% decrease. This was the result of ongoing efforts to pass on various cost increases to the Group’s customers. DI imports the majority of its inventory and this is reflected in the costs of revenue increasing due to the worsening exchange rates, going from R11.8 million for the comparative period for 2021 to R11.2 million for the current period. Operating e...