Nampak CEO to retire next year

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Nampak CEO to retire next year

Nampak CEO to retire next year
May 28
09:50 2013
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Nampak has reported that it has benefited from its African operations, as it announced that its chief executive is to retire next year.

Africa’s largest packaging group published its interim results for the six months ended 31 March yesterday (29 May).

Revenues from the rest of Africa (excluding South Africa) were up 19% to R1.2bn. Trading profits were up 39% on the continent, as Africa margins, excluding South Africa, rose to 15.9%.

Chief executive Andrew Marshall will retire in March 2014. Nampak chairman Tito Mboweni said: “The board thanks Andrew for his valuable contribution. During his tenure, Nampak’s profitability has improved significantly, under-performing businesses were closed or sold and the expansion into the rest of Africa has accelerated. We will be considering both internal and external candidates and will announce his successor in due course.”

‘African expansion strategy’

Speaking about Nampak’s results, chief executive Andrew Marshall said: “Trading profits in the rest of Africa continue to grow on the back of the investments we made and these together with other exciting opportunities that we are currently pursuing will contribute to our growing presence on the African continent.

“We have recently successfully raised $175m in the United States Private Placement market at extremely competitive rates and the proceeds will be used to fund our African expansion strategy.”

Its paper businesses were most affected by the downturn in consumer spending as folding cartons and flexible packaging are used for many consumer goods. This also impacted on sales of the associated corrugated boxes.

‘Good results’

Revenue and trading profit of the plastics businesses were slightly ahead of last year.

The plastic milk bottle business in the UK performed at a similar level to last year in pound terms but improved by 16% in rand terms.

On the overall outlook for the group, Andrew Marshall said: “Our operations in the rest of Africa are expected to continue generating good results and the United Kingdom business is expected to improve on last year. However the downturn in consumer spending in South Africa is expected to continue. Overall though, we believe the group is strategically well positioned for ongoing growth, especially in Africa.”

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