In 2004, profits were up 13%, leading to a modest improvement in the return on equity to 29.8% – a tidy return for the parent group.
“The decline of the textile industry, one of Lesotho’s most important, because of the growth of textile exports from the East as well as the strengthening South African Rand [which the local currency is pegged to] have posed an appreciable challenge. We were able to deal with this because our customer portfolio is diverse, covering all industries and market segments,” says Colin Addis, managing director.
