Trellidor aims to continue buying back ‘undervalued shares’

Fixed-security specialist Trellidor, whose share has fallen 8.7% so far in 2019, said it will consider further share buybacks even as it battles with a challenging operating environment.

The group reported a 25% fall in operating profit for the year to end-June on Monday, cutting its final dividend 30.8% to 11.1c per share.“The group’s performance reflects the challenges of the economic conditions in SA during the period including increasing levels of unemployment, house price deflation, GDP growth significantly below potential and correspondingly poor consumer, investor and business confidence,” the group’s statement reads.

From September 2018 to June 2019, the group repurchased shares representing 1.7% of its issued share capital, with the R9m spent funded from the company’s cash resources.

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