After a remedial period of two years, the groups latest annual financial data showed that trading profit increased by 16.9% to R606 million, with headline earnings per share increasing by 20% and dividends increasing to 54 cents per share. This solid performance was attributed to volume increases, an improved sales mix, better production throughput and improved factory efficiencies, while operating expenses were well controlled. This was partially offset by the discontinuation of some underperforming product lines and adverse exchange rates. Meanwhile, the group’s international expansion programme has stalled, with controlling interests in Ghanaian and Indian businesses now assets held for sale. Enterprises in Zimbabwe and Kenya have also underperformed, incurring trading losses and weighing on Adcock share price.