results out from Cashbuild yesterday. Here is how they describe their business: ''Cashbuild is southern Africa's largest retailer of quality building materials and associated products, selling direct to a cash-paying customer-base through our constantly expanding chain of stores (188 at the end of this reporting period). Cashbuild carries an in-depth quality product range tailored to the specific needs of the communities we serve. Our customers are typically home- builders and improvers, contractors, farmers, traders, large construction companies and government-related infrastructure developers, as well as all other customers requiring quality building materials at lowest prices. Cashbuild has built its credibility and reputation by consistently offering its customers quality building materials at the lowest prices and through a purchasing and inventory policy that ensures customers' requirements are always met.''
Revenue was up 9 percent due mainly to an increase in stores but headline earnings were down 27 percent. The company blamed an increase in competition for these lower margins. Although they were cautious about their outlook, their half year earnings per share of 356c matched the full year number back in 2005. Clearly an excellent growth story, and one with good prospects for the future.