Revenue for the year ended 30 June 2024 declined by 16% to R8.5-billion from R10.3-billion a year ago as sales of renewable energy solutions tanked following the suspension of load shedding by state-owned electricity utility Eskom from March.
"Prevailing uncertainty froze corporate and government spending, and the unexpected abatement of load shedding abruptly ended the renewable energy boom, which fuelled our growth last year," Mustek said in commentary alongside its annual results.
"Reduced demand for green energy products put us in a challenging situation with surplus stock in a tough macroeconomic environment with high interest rates," it said.
Sales of green energy products declined by R1.35-billion year on year. Gross profit on green energy products reduced by R338-million. Margins on these products reduced from an average of 22% to 14%, while margins on the rest of the business remained stable.
Mustek said the operating environment was characterised by caution leading up to the 29 May general election.
