Steinhoff Shares Jump After Pepkor Europe's Trading Update
Shares in Steinhoff rose more than 20% on Wednesday, on track for their biggest daily gain in nearly a month, after the company's Pepkor Europe business reported a jump in annual revenue growth.
Pepkor, which owns discount retailers Poundland and Dealz as well as clothing and accessories chain PEPCO, said revenue rose 10.6% to just above €3 billion ($3 billion) in the year to the end of September. In the final quarter revenue grew strongly by 12.9% to €781 million.
Progress was helped by Poundland's return to like-for-like growth and strong like-for-like growth in PEPCO, one of the largest non-food retail chains in central and eastern Europe.
At 14.15 GMT, shares in Steinhoff were up 17.65% to 1.80 rand.
Steinhoff, whose brands also include France's Conforama, admitted last December to 'accounting irregularities', sending its shares plunging and leaving it fighting for survival.
Shares in the company remain volatile. They had lost a fifth of their value last week when the company said a probe into the accounting issues and the release of restated results have been delayed.