Within the South Africa division, the Industrial portfolio, comprising both industrial contingent staffing and functional outsourcing brands, retained prior year revenues. The group's net unrestricted cash was ZAR 97.6 million on 31 August 2021.”
The proceeds from Adcorp Support Services Proprietary Limited's sale in March 2021 were used to further strengthen the balance sheet. The effects of these have lifted comparable profit after tax from continuing operations over the previous period by 123.2%. Proprietary Limited and received net proceeds of ZAR 178 million (USD 11.8 million) before the deduction of certain closing liabilities on 31 March 2021.ĬEO John Wentzel said, "We have focused on improving the quality of our revenue, raising gross margins and ongoing tight cost control. On 30 March 2021, the group disposed of its 100% shareholding in Adcorp Support Services This is largely attributable to the increased gross profit, further containment of operating expenses and lower amortisation costs. Operating profit from continuing operations improved from the comparative period by 10.3%. Profit after tax from continuing operations The group said recovery to pre-pandemic levels of economic activity in both South Africa and Australia remained slow and has weighed on some parts of the business. (ADR: JSE), the South Africa-based workforce management solutions group reported revenue for the six months ended 31 August 2021 of ZAR 5.78 billion (USD 382.2 million), a decrease of 5.4% when compared to the previous year.