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Turnall hurt by decline in market share

Staff Writer

TURNALL Holdings Ltd (Turnall) earnings have been significantly affected by the continued slump in demand for its products both locally and regionally.

na, Arial, Helvetica, sans-serif”>The company’s export earnings declined significantly – managing to contribute 4% to earnings compared to 24% during the previous year.

Turnall group managing director Phil Whitehead confirmed that the company had experienced a decline in market share. He said the economy’s poor condition had impacted negatively on customers, resulting in a serious financial crisis.

“The market under review was one which was mainly characterised by soft volumes of sales and this largely being the result of the condition in the market, whereby most of our customers were cash-strapped,” Whitehead said.

He said company discounts had failed to make any impact on sales, thus reducing earnings.

“We are using the 2003 prices because of the conditions in the market where we cannot increase the product prices because of the depressed sales volumes. I should be honest to say our discount strategy has failed to increase demand for our products,” Whitehead said.

He said Turnall had employed a debt strategy where it was trying to recover funds owed by customers.

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