Medtech projects reduced sales volumes

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MEDTECH Holdings (Medtech), says it expects a reduction in sales volume due to delays in securing hard currency from the Reserve Bank of Zimbabwe’s (RBZ) auction system.
In a statement accompanying the company’s abridged reviewed financial results for the half year to June 30, 2021, company chairperson Rose Mazula said delays in auction bid allocations were causing a severe strain on working capital funding.

“The trading environment and macro-economic conditions remain mixed. In the second half of the year 2021, we are most likely to see a reduction in the pace of sales volume growth due to time lags in payment of foreign suppliers after having bid allocations on the foreign exchange auction system,” she said.