Steinhoff posts rise in profits, but says it may not survive without settlement dealSteinhoff’s share price rose 2% on Friday after the company delivered its latest set of results for the six months to end-March. The company – which owns two-thirds of Pepkor (Pep and Ackermans), a stake in the listed Eastern European cut-price retailer Pepco, the US mattress group Mattress Firm, along with other assets - saw its total revenue from continuing operations increased by 4% to €4 497 million, while its EBITDA (a profit indicator) rose by 7% to €686 million. Pepco, which owns Poundland in the UK as well as the Dealz chain in Eastern Europe, delivered a 17% increase in underlying profit – despite lockdowns in Europe. But Steinhoff’s current debts continue to exceed its total assets, with its net debt at €9.8 billion (~R165 billion) at the end of March, from €9.5 billion a year before. However, since the end of March, Pepco listed on the Warsaw Stock Exchange, which raised proceeds of approximately €1 billion for the group - most of which was used to reduce debt.

Source: News 24 June 21, 2021 08:05 UTC