The industrial holding company won't pay dividend until debt is lowered and cash flows improve
Invicta CEO Arnold Goldstone. Picture: TREVOR SAMSON
Revenue at Capital Equipment Group, which distributes earthmoving and agricultural machinery, fell 8% to R2.32bn. This was due to a lack of new infrastructure development, the demise of big SA construction companies and a drought in SA. In September 2018 Invicta said it had reached a settlement with the SA Revenue Service to pay R750m over four years in a tax dispute.
Goldstone said the company, which has a net interest-bearing debt of about R2.2bn, “will reduce debt by looking at all avenues including reducing inventory, selling off noncore assets and improving cash generation from operations”.
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