# State-owned defence company Denel says its turnaround strategy is progressing, however it is much slower than planned. Briefing Parliament’s Standing Committee on Appropriations, Denel said funding shortfalls and delays in disposing of non-core assets have hampered implementation. The group has secured 4.4-billion-rand of the 5.2-billion-rand needed for recovery. While operating costs have been reduced and new international contracts secured, revenue remains below target, with management warning that financial sustainability remains a significant challenge.
Denel turnaround plan progress slower than expected