LONDON (ShareCast) - Group revenues increased by 16 per cent in the nine months ended December 31st compared to the prior period at Meikles, a financial update from the company has shown.

The company, which operates a retail and hotel chain, said that the growth had been driven by "increased volumes and margins".

Group costs showed an increase of 3.0% over the same period and Meikles described its operating profit as having showed a "significant increase" compared to the level achieved in the prior year.

The group reported that TM Supermarkets upgraded its Westgate branch and rebranded it into a Pick n Pay store, bringing the number of Pick n Pay branded stores to two in the country. Increased volume and margins were reported at the refurbished branches.

One of the Chinhoyi branches was refurbished and new refrigeration and air condition units were installed at the group's flagship Borrowdale branch, while the refurbishment works at the Hwange branch were nearing completion, the update added.

Meikles further reported that its plantation development on the Tanganda Tea Estates was being advanced. To date, 187 hectares of avocadoes, 457 hectares of macadamias and 125 hectares of coffee have been planted.

Global tea prices have gone up in the past months which the company said "augurs well for tea revenues".

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