Where to play

Premium vehicle owners and franchise dealer groups in Gauteng and the Western Cape; commercial fleet as a capacity stabiliser

These two provinces contain roughly 59% of the premium vehicle parc. Fleet work is retained specifically to fill seasonal troughs, not because it is attractive on margin.

Where not to play

The price-led segment; national fleet tenders requiring multi-province coverage; retail film sales

Competing on price against operators with no facility cost is unwinnable. National tenders cannot be served at quality from two sites.

How to win

Manufacturer-certified installation, controlled facilities, published pricing, warranty backed by a real balance sheet, and installed capacity that removes the lead-time complaint

These are the four dimensions on which incumbents are structurally weak, and none of them can be replicated quickly by a single-site operator.

Capabilities required

Installer training and certification at scale; capacity scheduling; landed-cost and FX management; multi-site quality assurance

The first of these is the hardest and the most defensible once built.

Management systems

Booking and DMS platform; monthly utilisation and rework reporting; import planning against a rolling forecast; studio-level P&L accountability

The tranche 2 gate is tested against these systems, so they must be operating from month one.

Revenue (R m)

4.6

19.8

29.3

39.5

42.0

EBITDA (R m)

(4.6)

1.7

2.9

7.8

8.6

EBITDA margin

-98.4%

8.6%

9.8%

19.7%

20.5%

Installers (FTE, average)

4.0

7.8

11.8

13.0

13.0

Billable utilisation

33.9%

70.7%

65.4%

75.7%

76.0%

Jobs completed

264

1,074

1,504

1,913

1,920

Studios operating

1

2

2

2

2

Trade channel share of revenue

16%

21%

26%

31%

34%