Consumer Research Africa

TFG – Now to optimise the cost structure

We are concerned about the declining profitability in the SA and UK divisions, as the FY results were effectively supported by the stellar performance in Australia and a reduction in corporate costs. There are signs of increased risk in the debtors book including our estimates that collections from debtors increased by only 2.7% y-y, and that new accounts may have contributed 26.1% to the total credit sales.