Jasco expects to return to profitability
As JSE-listed Jasco ends a three-year restructuring programme, the group expects to return to profitability in the 2014 financial year.
“Although the 2014 financial year continued to be impacted on by planned restructuring costs and very difficult market conditions, the three-year programme is now complete and the sound execution of Jasco’s strategy continues,” the company said in a trading update to shareholders on Friday.
Jasco expected to achieve headline earnings a share of between 0.4c and 0.6c for the 12 months to June 30, compared with the 0.3c recorded in the prior year.
Earnings a share were expected to be between 100% and 110% higher, at between 0c and 7.8c apiece, during the year under review, compared with the loss a share of 77.9c reported in the prior financial year, when one-off costs of R114-million were incurred.
Revenue had increased from R800-million to more than R1-billion a year over the last three years and annuity income increased more than 100%.
“The new cost base, the more efficient group structure, and the sustainability of the core businesses – after exiting various noncore assets – indicate that the group is now better positioned to face the prevailing market conditions and to deliver results,” Jasco said.
The company would publish its results on September 17.
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