- Industrial brand management company Barloworld reported a slump in first-half profit as the Covid-19 pandemic weighed on revenue across most of its businesses.

For the six months ended 31 March 2020, operating profit fell 28% to (South African rands) R1.1bn on-year as revenue slipped 12.2% to R25.2bn.

Margin fell to 4.4% to 5.5%.

Its equipment Russia business, however, saw operating profit rise 9.2% to $24m, while equipment Southern Africa saw operating profit down 10.5%.

'The first half of the financial year was characterised by a combination of a tough trading cycle and the initial impact of the Covid-19 pandemic,' the company said.

'Business confidence in the regions where we operate has dropped significantly and the Group expects the average consumer to remain under pressure, while the trading environment will be impacted by the lower outlook for recovery and growth,' it added.

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