The operating environment in the second half of the Axia financial year (Jan-Jun) was characterised by COVID-19 induced restrictions, while y/y inflation continued to decline giving rise to a relatively stable local currency. With the stabilising currency, TV Sales & Home re-introduced credit sales allowing the company to defend market share and grow volumes (debtors’ book grew 306% y/y). TV Sales & Home volumes were up 35%; sales were also driven by growth in the store network. Equity accounted earnings mainly comprised of earnings from Restapedic Bedding grew 239% y/y. DGA - Zimbabwe increased sales of locally produced products as substitutes for some imported products which helped defend volumes (sales up +3%) while Transerv had ...
