Group Five expects 50% increase in H1 earnings a share
Construction and infrastructure group Group Five expects its earnings a share for the six months ended December 31 to be between 50% and 60% higher than that of the previous corresponding period.
Earnings a share were expected to be 142c a share for the six months.
Headline earnings a share and fully diluted headline earnings a share were also expected to increase by between 10% and 20%, reaching 156c a share.
The group noted in a trading statement on Monday that the difference between earnings and headline earnings in the first half of the 2013 financial year was mainly the result of a downward adjustment to the carrying value of the construction materials assets of R11.5-million.
Further, earnings for the period included an upward pension fund valuation adjustment of R9-million, as well as upward adjustments on service concessions of R29-million.
Meanwhile, Group Five stated that its engineering and construction businesses demonstrated consistent performance in the first half of the 2013 financial year, although at the lower range of margin guidance, with the exception of the building and housing segment, which continued to be affected by local market margin pressure.
The half-year results included the Middle East division holding costs in line with previous guidance and a trading loss of some R10-million.
Group Five’s construction materials business incurred operating losses in line with management’s guidance, while manufacturing continued to perform well and in line with guidance.
Despite sluggish domestic concessions and public–private partnership activities, as well the economic pressures in Europe, the group’s Investments and Concessions division performed ahead of expectations.
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