Industrial and welding gas & consumables group African Oxygen (Afrox) revised its outlook recently, advising shareholders that it no longer expected financial results for the second half of the year to improve.
Perhaps indicative of the strained financial climate that industry finds itself in, Afrox has lessened its optimism for the close of the financial year.
In August, when the group released interim results, Afrox stated that it expected the second half of the year to improve, on the back of benefits arising from its expansion and restructuring plans.
However, the company has now said that, given challenging operating conditions during the third quarter ended 30th September and slowing domestic economic conditions, the outlook had turned negative.
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