Booming exports boost Spanjaard’s sales

Spanjaard, the listed manufacturer and distributor of lubricants and chemical products, on Friday said it had turned around its performance as the small-cap company increased sales to a record R126.2m in the year to end-February.

The increase in exports is in line with the guidance the company gave during its half-year results when it said it expected strong exports growth. Spanjaard said sales in the exports segment diversified its revenue streams and were expected to increase further. “We continued our strict cost management during the year, maintaining our good cash collections and keeping bad debts at low levels. This positive financial performance was aided by our stringent customer vetting process and supported by the services of [credit insurance company] Credit Guarantee,” Spanjaard said.The group recently made major changes to its structure, including the discontinuation of the operations of loss-making business Coppermet.

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