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Medtech directors have been asked to expedite the release of the company’s half-year results, possibly around the July 31 region, and to include a comprehensive plan on how the company will be revived.

Minority shareholder Danny Meyer requested during the company’s AGM that the company desists from singing the same old annual song of a constrained environment but to table a plan on where the company will be next year and in the future.

“Directors have a fiducial responsibility to shareholders. And as such the minorities are requesting for the timely publishing of the results together with a plan which updates shareholders on where we stand and where we are going to be next year.

“We have heard the horror story now we need a plan,” he said.

This was after chief executive Mr Afzal Motiwala had said the company had not performed well since the beginning of the year and was just “surviving”.

“To be honest, the future is bleak, the economic is getting worse and unemployment is rising. And to those who are still employed, the costs are not coming down.”

He added, however, that the rising unemployment had helped the company to grow its Pepsi business as there were now a lot of vendors to sell the products.

In the five months to May, turnover were near flat after dropping a marginal 1 percent to $5,87 million boosted by Pepsi and the medical business.

“We managed to keep revenues stagnant because of better ordering with a bias of restocking fast moving items, discounts on slow movers and reducing level of stock outs.”

Operating costs were up 3 percent mainly due to increases in insurance, consulting fees and repairs and maintenance of assets, these being vehicles, machinery and property but these are planned to be reduced within the next half of the year.

Mr Motiwala said the group had lower bad debt write-offs and provision for bad debts in 2015 as major write-offs were effected in 2014.

The group had, however, instituted cost reduction initiatives and the culture was now built among the staff.

Cost decreases have been noted in motor vehicle related expenses by 4 percent (mainly fuel), promoter’s costs by 49 percent, delivery costs by 25 percent, security costs by 21 percent, printing and stationery costs by 37 percent and computer expenses by 35 percent.

Management expects cost reductions to continue in the second half and have also put in place a team of management and workers to look into further ways to reduce costs.

Coupled with this, internal procedures are being improved upon in

the major business cycles such as stock management and human resources which should result in motivated

staff, greater production and cost efficiencies.

Motiwala said the FMCG unit was down 9 percent at the top to $4,3 million and at this stage was “a bit of a problem as this is the main driver for the group.”

This was due to a change in the sales mix coupled with increased competition especially from the informal sector. He, however, noted that the unit had shown resilience when other peers were closing.

Company secretary Muhammad Patel said the unit is expected to see an improvement in the second half as new products such as the Himalayan range had shown growth potential.

S-Mart Agencies turned over $82 000 and the group would rectify the anomalies over inventory in August,

the Medical unit was on $600 000 and had also seen significant cost reductions.

Distribution was down 9 percent while associates were 45 percent up. Manufacturing was up 15 percent to $910 000 and margins had gone up to 21 percent.

However, problems remained around the delays in getting import permits and the delays at the border.

Overall the group had made a small profit of $70 000 in the period. Directors fees for the past year were set at $23 267 but Mr Meyer questioned why they were drawing a salary when business was not performing.

Meyer also noted that the two directors, the Sheikhs had not attended any meeting over the last couple of years and yet they were still on the board. Auditors fees were at $38 500. – Wires.