Veldskoen and Sorbet investor Brian Joffe scores big payday

JSE-listed investment group, Long4Life has published its integrated report for the 2019 financial year, showing how its executive got paid after a strong financial year.

Long4Life listed on the JSE in 2017 having been started by Bidvest and Bidcorp founder, Brian Joffe.

The group invests in a number of personal care and lifestyle brands, specifically targeting the beauty, outdoor, restaurant, sport and retirement sectors.

Some of the key brands under its portfolio include Sorbet, and sports retailer Sportsmans Warehouse. The group recently acquired a 49% stake in South African footwear brand Veldskoen, which has gained traction in international markets.

For the full year to the end of February 2019, Long4Life reported revenues of R3.6 billion, with a net profit of R356 million.

Trading profit climbed to R454 million, from R147 million, while diluted headline earnings per share moved to 38.2  cents per share, from 29.8 cents before.

No dividend was declared for the year, after the board considered R160 million spent on a share repurchase programme in the year.

Across its segments, the sports and recreation sector drew in revenues of R2.1 billion, with trading profit at R379.7 million. The personal wellness and care segment led by Sorbet generated revenues of R173.9 million, with Sorbet accounting for R102.8 million of that for the year.

Trading profit in that segment was at R40.8 million, with Sorbet’s contribution growing to R31.4 million.

The beverages segment was impacted by the introduction of the country’s sugar tax, which dampened gross margins, but the group’s brands still drew revenues of R1.35 billion, and posted a trading profit of R172.2 million.

Executive pay

For the 2019 financial year, the group’s executive directors were paid a combined R21 million for the year.

No long-term incentive bonuses were paid out, as no awards had a performance period ending in the year under review, it said.

Chief executive Brian Joffe was paid R10.2 million for the year, which included a basic salary of R5.2 million, and a short-term bonus of R5 million.

Former chief financial officer, Peter Riskowitz, who retired at the end of November 2018, was paid R5.32 million, including an ex gratia payment of R500,000.

Chief operating officer, Colin Datnow took home R3.87 million.

The total paid to non executive directors for the year amounted to R2.6 million.

Read: Brian Joffe steps down as chairman of Bidcorp

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Veldskoen and Sorbet investor Brian Joffe scores big payday