The Meikles Limited 2014 annual report has been released. Below are some extracts from the Chairman’s statement.

Chairman’s Statement

I have pleasure to present the report for the financial year ended 31 March 2014.


Funds on deposit with the Reserve Bank of Zimbabwe have increased to US$90.8 million as a result of interest negotiations. We are in receipt of Treasury Bills of US$49.6 million and have been advised by the relevant authorities that upon completion of their required processes, Treasury Bills of similar terms to those already in our possession will be issued for the balance…

Trading and operations

Group revenues were 1.8% below those achieved in the prior year due to lower turnovers in the retail and agricultural sectors of our operations. Operating costs were 1.7% ahead of those incurred in the prior year. Finance costs increased. Borrowings increased to fund expansion and refurbishments in the supermarkets, refurbishment of the hotels and substantial plantation development.

TM Supermarkets
Turnover for the year was $334 million (2013: $336 million). The customer count throughout our store footprint increased by 8% compared to the prior year. The average cost of product to the consumer declined. EBIDTA reduced to $11.0 million (2013: $11.6 million). Margins were similar to those of the prior year…

Meikles Mega Market
The division started operating in December 2013. From its single store, it contributed just over $2 million in turnover in the period to 31 March 2014. We achieved an average of 20% compound monthly growth in turnover from the launch date. The store portfolio is being expanded and post the end of the financial year, an additional store was opened whilst plans are being progressed to open at least four new stores by the end of the 2015 financial year.


The Group is committed to maintaining the highest standards of Corporate Governance in all of its operations. Consequently the Group has embarked on a comprehensive anti-corruption programme whose implementation has already commenced. Pursuant to this programme the Group intends to introduce robust procurement systems to ensure that goods and services procured by the Group are of the highest standard and of the best value…


There are stresses in the economy, but the Group sees these as challenges that are there to be overcome. Once the matters highlighted in this statement under Finance have been fully achieved, placing the Group in a strong financial position, the Group will accelerate its participation in the economy for the benefit of all Stakeholders. Success achieved very recently in implementing a significant part of our financial objectives provides the Group with resources that will enable it to launch the first phase of planned initiatives, with immediate effect..


I would like to express my appreciation to our customers who continue to support us in this increasingly difficult environment. I would also like to thank my fellow Board members, management and staff for the steadfast commitment and dedication.

JRT Moxon
Executive Chairman
13 August 2014

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  • | 2014 annual report