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Turnover rose 18% to R227-million, with operating profit rising to R25,1-million. But basic and fully diluted earnings were 8,2 cents-a-share compared with a restated 2,3 cents in the year to June 2007.
CEO Webber Marais attributed the underperformance to "difficult economic conditions" during the second half of its financial year, which was affected by higher fuel prices and disruptions associated with the Eskom power outages.
Earnings were also materially affected by disputed debtors' balances, which were impaired, without which earnings of 11,3 cents would have been realised.
The scaffolding division contributed R16,9-million to operating income as compared with a R6,3-million loss in 2007, while personnel outsourcing contributed R7,5-million (R12,3-million) and the safety-surveillance unit reported an unchanged contribution of R1,5-million.
Marais said that the company's scaffolding expansion programme, coupled with the local shortage of skilled artisans, positioned it to take advantage of opportunities associated with South Africa's ongoing infrastructural expenditure.
Top Fix closed near to its 12-month low at 56 cents and well of its 12-month high of R3,05 a share.
