Zimpapers Logo

Business Reporter

Listed diversified group, Meikles Limited posted a 10 percent increase in turnover to $454 million for the year to March 31, 2016. With the exception of hospitality, all segments of the group contributed to the increase in turnover. In a shareholder’s update yesterday notifying of a delay in the publishing of the company’s financial results for the year, Meikles Limited said operating income for the period increased 14 percent while EBITDA increased by $11,5 million relative to the previous year.The group says it has delayed the release of its latest full-year results due to delays in documentation in support of an earlier agreement with Government over an unpaid debt.

“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,” said Meikles in a notice to shareholders.

The firm said the delay in publishing the financial results was due to them not getting necessary documentation in support of the debt agreement reached with Government.

Meikles Limited this year notified the market after reaching an agreement with Government for the repayment of the debt owed to the company by the Reserve Bank of Zimbabwe.

The diversified group highlighted that the financial implications of the agreement with Government is to be included in the group’s audited results for the full year to March 31, 2016.

“Shareholders will note from the 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,” said the company.

Meikles Limited said shareholders were advised in the update that a basis on which funds are to be recovered from Government, in terms of the Reserve Bank Debt Assumption Bill of July 2015 had been agreed. Meikles Limited is a dominant conglomerate with over 100 years of history and has grown strong household brands in the fast moving consumer goods sector and five-star brands in the hospitality sector in South Africa and Zimbabwe. The diversified group boasts of Meikles Hotel, TM/Pick n Pay, Meikles Mega Market, Tanganda and Barbours.