AVI chair Gavin Tipper and CEO Simon Crutchley have sounded a stark warning over conditions in the South African economy, which they say are directly affecting the group’s capital investment plans. In effect, capex will be directed not on expansion, but mainly on improving efficiencies.
Source: AVI 2022 annual financial results presentation In the case of expansionary investments, AVI says capex “is carefully evaluated with a strict focus [on] the merits of the risk-adjusted case for the investment”. It says it will “continue to monitor the environment and, where appropriate, expenditure will be curtailed should the risk-adjusted returns not justify the cost”.
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