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WBHO’s financial standing adversely impacted by COVID-19

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WBHO has released its Trading Statement for the financial year ended 30 June 2020, revealing that it has been adversely impacted by the COVID-19 pandemic, particularly in Africa.

Wilson Bayly Holmes – Ovcon Limited (WBHO), a leading building and construction conglomerate, has shared its Trading Statement for the financial year ended 30 June 2020. According to the notice on Wednesday, 28 October 2020, the lockdowns imposed in various countries in which it operates heavily impacted its financial standing.

The lockdowns had a negative impact on many business sectors, especially construction because many projects were placed on hold. This was most evident at the height of the lockdowns, when all interactive engagements and dealings were completely prohibited.

In reporting on the impact thereof on the Group as a whole, WBHO noted, “Operating profit [will decrease] by between 45 percent and 55 percent.” WBHO further noted a resurgence in COVID-19 infections in Australia and the UK, which has also impacted its productivity.

See the notice here.

Sabelo Makhubo
[email protected]

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