Altron’s FY18 earnings up 14% to 18%
JSE-listed Allied Electronics (Altron) expects to deliver a 14% to 18% increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) on a normalised basis for continued operations for the year ended February 28.
The continuing operations’ revenue is expected to increase by between 10% and 12%.
As the group refocuses, it had split its continuing and discontinued operations for the financial year.
The disposal of loss-making operations and improved performance from the remaining discontinued businesses resulted in the material improvement in both earnings a share and headline earnings a share year-on-year.
“The board believes that, owing to the current restructure and right-sizing of the business, as well as the disposal or closure of noncore operations, the normalised continuing operations’ results provide stakeholders with an accurate measure of the core sustainable earnings of Altron going forward,” it said in a trading update on Thursday.
During the financial year under review, Altron restructured a number of its core operations to position itself for growth in the information and communication technology sector.
“The core of operations had a satisfactory performance for the year,” Altron commented, adding that the acquisition of Phoenix Software in the UK had positively contributed to revenue and Ebitda.
“The primary difference between continuing operations and the normalised continuing operations’ results relates to about R60-million after tax of nonrecurring costs relating to restructuring,” Altron noted.
At year-end, the Powertech group, Altech Multimedia and Altech Autopage continue to be classified as discontinued operations for reporting purposes.
Altron aims to publish its results on May 10.
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