Steinhoff has published its half-year results, which reveal its African business to have grown 8% on a like-for-like basis, with total revenue amounting to €522m. This is particularly of note in the context of the economic recession in South Africa – where the group has the great majority of its African assets, namely Pep and Ackermans – and the toll it has had on the competition.

The good results in the African markets have recently built the case for a separate listing of the group’s business in the continent, in order to increase shareholder value, which was announced late last month. Currently, Steinhoff’s African business accounts to 26% of its revenue and, beyond the already mentioned brands, its assets also include Unitrans, JD Group, Steinbuild, Pepkor, Poco SA and Tekkie Town.