The new owner of Poundland has bought a South African shoe shop chain and reported a 32 per cent rise in annual operating profit.
Steinhoff announced on Wednesday that it had agreed to buy Tekkie Town, a retailer with 302 stores across South Africa, but it did not disclose how much it paid for the business. The deal is expected to complete by the end of year.
Revenues increased to €13.1bn (£11.1bn) from €9.9bn with profits increasing from €0.9bn to €1.2bn. This translated well into cash as the amount generated from operations for the year was also €1.2bn
"The Steinhoff group delivered a satisfactory set of results, underscored by a resilient discount market as well as strong leadership and execution from our decentralised management teams," said chief executive Markus Jooste.