Wednesday 08 September

The group is the largest clothing and textile manufacturer in Southern Africa and is fully dedicated to achieving and maintaining its world class marketing and manufacturing standards. Its inherent financial strength and manufacturing expertise will ensure that it maintains it's leadership role in the South African environment.
SEARDEL is involved in many diverse areas of the economy. Over the years it has achieved success and recognition for its well-known brand names, many of which have become market leaders. Its main activity is the manufacture and distribution of mens, womens and childrens apparel. Its other activities comprise the manufacture and distribution of textiles, toys, consumer electronics, and travel. It also has property investment interests. Seardel is committed to upholding its published philosophies, achieving its goals and maintaining its consistently high standards.

Audited Consolidated Condensed Results 2010

News

Tuesday, 25 May 2010 10:38

Commentary

The period to the end of March 2010 represents 17 months since Seardel completed its rights issue and began implementing its turnaround strategies. We have been consistent in our message that there are no quick fixes in turning around a group of this size. The fact that since the rights issue, we have suffered a global recession and have seen a period of significant Rand strength has not aided the turnaround cause. Against this backdrop, we are pleased with the progress made to date. Operationally, we believe that the group has made great strides forward and although the numbers do not yet reflect the full benefit of the turnaround strategies, the improvements are starting to show. Indeed, the second half of the financial year has been profitable.

During the period under review the group was required to close down certain of its under performing operations after it became apparent that there was little that could be done within management’s control that would see these businesses return to profitability. We reported in April 2009 the closure of certain of the textile divisions, namely spinning,weaving, finishing and denim and towards the end of this financial year we have also announced the closure of our men’s suit factory in Durban. The results of these operations are reflected as discontinued operations.

Out of necessity, the group has undergone significant change in a very short period of time which brings with it the inevitable insecurities and teething problems. We believe that we are now at a point where the major reorganization initiatives have largely been completed which will allow management to focus on improving the performance of the individual business units. In the ensuing year we expect further progress on our journey of continuous improvement and not only do we expect to see further efficiency improvements, but also improvements in service delivery and quality metrics.

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