Africa Glass has buoyant growth

Africa Glass, the listed fabricators of valueadded glass products, increased revenue 49% to R386,5m in interim results for the six months to December.

Africa Glass reported yesterday that it had pushed up headline earnings 32% to R31,66m and headline earnings a share to 16,2c from 12,3c.Africa Glass executive chairman Alex Barrell attributed the earnings increase in part to the acquisition of Sheerline during the past year and also "good" organic growth.Abvest Asset Management's Shawn Stockigt said, on the face of it, the results were good, and thought it was a good move by the group to derive a large percentage of its revenue offshore.With goods being produced locally and sold directly from its operation in the US, this meant the group gained dollar income, Stockigt said.The group derives 26% of its earnings offshore but aims to have it at 30% in the short term and 50% in three years' time.Barrell said sales at its US operation Gulfstar Industries suffered a bit after the attacks in the US on September 11 last year, but expected sales to pick up in the second half of its financial year.He confirmed that the group would bring in its own management from SA to head up Gulfstar. Africa Glass held 75% of Gulfstar.

Barrell said the group was continuing its name and image change. It decided to change its name because the perception of Africa was not that good in the global market.

The branding exercise would probably involve a new company name using only initials, also applying to SA operations.

600450 Africa Glass has buoyant growth glassonweb.com

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