Reunert posts strong H1
JSE-listed Reunert is optimistic of continued growth in the new financial year after delivering solid “real growth” during the six months ended March 31.
Profit for the period edged up 4% to R469-million, with basic and headline earnings a share steady at a respective 275c and 276c in the first half of the year.
Earnings before interest, taxes, depreciation and amortisation were up 9% to R681-million in the six months to March.
Group revenue increased by 10% to R4.42-billion during the period under review, boosted by a 31% increase in revenue in the electrical engineering segment.
However, revenue declined 5% in the information and communication technology (ICT) segment and remained flat in the applied electronics segment.
Reunert reported a 9% increas e in operating profit, with the negative impact of a stronger rand and a decline in orders from a large export market significantly offset by organic growth in its operations and the positive impact of five acquisitions, totalling R751-million, over the past 18 months.
The company’s electrical engineering unit and the ICT division achieved increases of 20% and 11% respectively in operating profit, while its applied electronics' operating profit reduced by 50%.
Going forward, Reunert expected improving financial performance as export orders during the first half translated into sales in the second half of the year, leading to improved second half operating profit in the applied electronic segment.
“This, in combination with the expected continued solid performance of the electrical engineering and ICT segments, underpins our expectations that real growth for the year will be achieved,” the company said.
Reunert declared an interim dividend of 120c a share.
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