Barloworld to lift H1 HEPS by up to 12%
Integrated rental, fleet management, product support and logistics solutions group Barloworld expects total headline earnings per share (HEPS) for the six months ended March 31, including both continuing and discontinued operations, to be between 6% and 12% higher than the 336c posted in the first six months of last year.
HEPS from continuing operations were expected to be between 10% and 20% higher than the 316c posted in the first half of 2014.
Basic earnings per share (EPS) from continuing operations were likely to be between 15% and 25% higher than the prior year’s comparable restated basic EPS of 293c.
The group added in a trading update on Friday that basic EPS were expected to be between 25% and 35% lower than the prior year’s basic EPS of 494c, which included the exceptional profit of R370-million on the disposal of the Australian motor retail operations.
Barloworld reported that its Southern African equipment division delivered a “resilient” performance for the first half of the year, despite the ongoing slowdown in the mining sector, with growth in aftermarket revenues contributing positively to the results.
Moreover, Equipment Iberia produced a “positive” result owing to actions taken to lower the cost base, while trading in Equipment Russia came under pressure as a result of ongoing mining project deferments and slower economic growth resulting from lower oil prices.
In addition, the automotive and logistics division traded “well” with all business units performing ahead of the prior year.
“Income from associates was well up on the prior period and a slightly lower effective tax rate also contributed to higher after tax earnings,” the company added.
Net debt increased in the first half as a result of the seasonal increase in working capital but was expected to reduce significantly in the second half of the year.
Barloworld expected to announce its interim results on May 18.
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