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| Fri 5 Sep 2025, 12:41 | | Bell interim results June 2025 |
| View SENS |
Revenue for the period decreased to R6.1 billion (R6.4 billion) while gross profit remained unchanged at R1.3 billion (R1.3 billion). Profit from operating activities came down to R302.8 million (R526.7 million). Profit for the interim period attributable to owners of Bell Equipment Ltd. lowered to R214.7 million (R308.1 million). Additionally, headline earnings per share were reported at a decreased 248 cents per share (321 cents per share).
Dividend consideration
Due to the global slowdown in demand in key markets and a contracted USA market due to the current USA tariff situation, the Board has resolved to preserve cash resources rather than paying a dividend at this time.
Shareholder presentation
A shareholders' presentation is available on the Company's website.
Company outlook
Bell operates in a cyclical industry and current demand for mining and construction equipment indicates that our industry has reached the end of the bottom of the cycle. This, coupled with elevated geo-political instability, market uncertainty and exchange rate volatility, necessitates that we remain cautious in our production and sales planning.
The USA makes up approximately 30% of the global market for construction equipment, hence a slowdown in this market has a material impact on market dynamics across the rest of the world, with the potential for heightened competition as products are redirected from the USA to other markets.
With most ADT manufacturers located outside the USA and impacted by tariffs, we expect an overall contraction in the USA market size whilst consumers adjust to price increases and as such, we have adjusted our sales and production plans accordingly. However, we are cautiously optimistic that recovery in this market will be swift, as economic stimulus measures are implemented to counter the negative impact of tariffs on the consumer.
With our factory costs largely fixed, ADT production volumes are critical for our business, and we will continue to pursue opportunities for volume growth in markets where we have a low market share. At our factory in Germany, we implemented a government supported ‘shorttime’ 4-day week with effect from August, due to lower ADT production levels, and we anticipate that this will remain in force into the first quarter of 2026. In Richards Bay our production volumes are supported by the greater resilience we are seeing in some of our key southern hemisphere markets, and we are optimistic that this continues.
The start of production and sales of our new Motor Grader represents an exciting milestone for our business. We are evolving from an ADT specialist into a broader ‘yellow-metal’ OEM in the global arena and we look forward to entrenching this new product alongside our ADT as a class-leading, premium production tool.
We anticipate the second half of 2025 to be more challenging than the first half, but in true Bell spirit, our dedicated and resilient team stands ready for the challenges and opportunities ahead. We will continue to place emphasis on cost containment, cash preservation and prioritizing process improvements that bring operational efficiency and quality enhancement. |
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