Diversified industrial conglomerate Innscor Africa Limited recorded a solid volume performance for the third quarter and nine months to March 31, 2023 on growth across business units despite a challenging environment.
During the period under review, businesses operated under constrained conditions due to currency volatility and exchange rate fluctuations. This resulted in waning demand for products and services.
“The group operated under turbulent economic conditions during the third quarter as the market experienced significant inflationary pressure, currency instability, and constrained local and foreign currency liquidity, which gave rise to weakening disposable income within the consumer market,” said group company secretary Andrew Lorimer in a trading update for the period under review.
“In addition, a marked loss of business sentiment was impacted further by uncertainty across the international financial and political landscape.