Group Five reports a 1% decline in revenue for 2016 financial year
Speaking at the company’s annual results presentation in Johannesburg, Vemer said the outlook for the market was by no means “rosy, but at least the decline has slowed”.
The four business units of E&C – building and housing, civil engineering, projects and energy – recorded a core operating loss of R237-million for the financial year, down from a R44-million profit in the previous financial year.
The JSE-listed company was buoyed by a record-breaking performance from its Investments & Concessions business, which saw a 288% jump in core operating profit to R917-million.
Group Five had trimmed down its employee numbers from 14 500 to 9 300 over the last 18 months as the company adjusted to a stagnant market- place.
Group Five is actively targeting the improvement of gender and racial representation in the company.
Procurement from black-women-owned businesses increased by 44% over the same period.