WBHO swings to interim profit of R354m
After incurring a loss of R1.5-billion for the six months ended December 31, 2021, JSE-listed building and engineering contractor Wilson Bayly Holmes Ovcon (WBHO) swung to a profit of R354-million in the six months ended December 31, 2022.
The company says its South African operations have demonstrated positive growth, while the group order book of R27-billion remaining solid.
Earnings per share (EPS) from continuing operations totalled 829c in the period under review, compared with EPS from continuing operations of 596c in the prior comparable period.
Headline earnings a share from total operations came to 630c, against a headline loss a share of 161c reported in the prior comparable six months.
WBHO has again opted not to declare an interim dividend, owing to sizeable cash outflows incurred to meet the group’s contractual obligations in Australia, and to provide flexibility over the short term to consider options related to the associated long-term debt obtained.
The group made every effort to contain costs and restore a level of profitability at its Australian operations, but ultimately concluded that the projects in the country have failed to be delivered on time and resulted in multiple recovery claims.
WBHO successfully fulfilled the last of its obligations to exit the Australian operations in February 2022.
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