Datatec expects lower-than-forecast full-year earnings
JSE-listed information and communications technology group Datatec on Wednesday said the group’s financial performance during the year to end February 2013 was expected to be 20% weaker than initial forecasts.
In a trading statement CEO Jens Montanana said earnings and headline earnings a share were expected to remain steady at between 35c and last year’s earnings of 43.5c and headline earnings of 43.1c a share.
Profit after tax was not expected to achieve initial forecasts of $104-million but to remain between $80-million and $90-million, compared with the $89-million recorded in the full year to February 2012.
Datatec expected revenues for the 2013 financial year to reach about $5.4-billion, up from the $5-billion recorded in 2012, but lower than initial forecasts of between $5.5-billion and $5.8-billion.
Westcon continued reporting a weak performance during December, particularly in the US and European markets; however, Montanana noted that Logicalis continued to perform strongly and in line with expectations.
Latin America, the Middle East, Africa and Asia remained the group’s best-performing regions.
“Operating profitability in the second half of the current financial year is expected to be better than both the first half of the current financial year and the second half of the prior financial year,” he added.
Distribution would rise 1c, reaching 17c a share for the year.
Datatec would publish its results for the year ended February 2013 on May 15.
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