Company news in brief

Steinhoff prepares for trialSteinhoff’s CEO Louis du Preez says the retailer is awaiting a court date in its bid to recoup hundreds of millions of rands from its former boss Markus Jooste.Steinhoff is seeking to claw back around R850 million in salaries, bonuses, and other incentives it paid its former CEO in a civil case. Jooste, who is opposing the application, has denied any wrongdoing.The trial looks set to be the first time that Jooste will appear in court after 2017’s dramatic plunge in Steinhoff’s share price. The former Steinhoff CEO has been charged with balance sheet fraud in Germany, where Steinhoff has its primary listing, but no date has been set for the trial to start. In October 2020 he was fined R162 million by the Financial Sector Conduct Authority for insider trading. But the fine was set aside on on appeal by the Financial Services Tribunal. The tribunal tasked the FSCA with reconsidering the fine, a process which is still underway. He is also being investigated by the Hawks, who have not yet announced any charges. – Fin24Foschini Group posts strong salesFor the first quarter of the 2023 financial year, which ended in June, the Foschini Group TFG saw its group turnover increased by 16.3%.In addition to Foschini, TFG owns brands including @home, Fabiani, Sterns, Markham, American Swiss, and Jet. Its R2.3 billion takeover of Tapestry Home Brands, which owns the furniture group Coricraft, will be finalised on 1 August.Its TFG Africa operations, including South Africa, delivered an "above expectation" performance, with turnover growing by 11%. This is despite losing 33 000 trading hours due to load shedding, 13% more than in the same quarter last year.Cash sales contribute almost 70% of total sales, and grew by 10% over the quarter. Credit turnover was up by 13.4%, but only 21% of applications were accepted – which declined by almost 4%, due to the tough economic environment.The company added 74 stores to its Africa footprint in the quarter, bringing its total number to 3 172. – Fin24Nonpayment of grants impacts PepkorPepkor has seen a "significant" impact from the nonpayment of the Social Relief of Distress (SRD) grants in May and June.The R350 grants were not paid due to a decision by the department of social development to set a means test for the new phase of the grant. More than five million people qualify to receive the grant."The disruption in the payment of SRD grants added enormous pressure on our consumers and it is pleasing that this has been resolved with payments to beneficiaries resumed, including back payments, for the months of May 2022 and June 2022," Pepkor said in a trading update. Still, its revenue grew by 5.1% in the three months to end-June.For the nine months to end-June, Pepkor’s group revenue rose by 3.9% to R62.5 billion. Pep and Ackermans saw 2.8% sales growth for the period.Pep Africa saw sales growth of 3.7% in the past nine months, while its newly acquired Grupo Avenida business in Brazil saw sales (in rands) increasing by 81%. – Fin24Mediclinic reports recovery in patient mixPrivate hospital group Mediclinic says patient hospital stays are returning to pre-Covid-19 levels, but the pandemic continues to impact its operations.In a trading update, Mediclinic said in the first quarter of the financial year ended 31 March 2023, its facilities had "relatively" low Covid-19 admissions. It saw a recovery to almost pre-pandemic levels in admissions for other cases.For Southern Africa, Mediclinic continues to expect mid-single digit revenue growth for the year. Local bed days sold and patient case mix, including day case admissions, continued to "normalise" as Covid-19 hospital admissions remained low.This hit domestic revenue per paid patient day. But Mediclinic said the impact on profit margins was limited as "staffing requirements were adapted"."With pre-pandemic seasonality returning, patient volumes were also impacted in the quarter due to patients and staff contracting Covid-19," Mediclinic said. The summer period is Mediclinic&#039;s quieter period, and the group expects seasonality to return following eased travel restrictions. – Fin24Vukile buys Alexandra mallThe owner of Mdantsane City Mall and Cape Town&#039;s Gugulethu Square has acquired one of Alexandra Township&#039;s biggest shopping centres.Vukile Property Fund has bought Pan Africa Shopping Centre and its future extension rights for R669 million.The acquisition agreement splits the transaction into two parts. Vukile will take ownership of the existing shopping centre for R414.6 million of the purchase price. Vukile will also appoint the sellers to develop the centre&#039;s second phase expansion, which it will acquire for R254.3 million.The Pan Africa Shopping Centre was one of malls that suffered extensive looting during the July 2021 riots. The shopping centre&#039;s precinct was also in the crossfire of Operation Dudula earlier this year when locals clashed with foreign nationals, forcing some shops to temporarily close in March. Several were set alight.Vukile&#039;s SA MD, Itumeleng Mothibeli, believes the centre is an excellent asset for the group&#039;s portfolio, given its concentration in the high-performing township and rural shopping centres. He calls this "the sweet spot in the SA retail market". – Fin24

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