Adcock expects to deliver higher headline earnings in FY16
JSE-listed Adcock Ingram expects to report a double-digit headline earnings increase, along with a double-digit basics earnings contraction, for the year to June 30.
The group expects to post 41.9% to 43% higher headline earnings per share (HEPS) to between 227.2c and 228.9c.
However, basic earnings per share (BEPS) will drop between 13.3% and 16% to between 98.4c and 101.6c for the 2016 financial year.
HEPS and BEPS from continuing operations, which are expected to increase up to 9.5% and 13.8% respectively, have been adversely impacted by a one-off International Financial Reporting Standard 2 charge of R20.8-million related to a broad-based black economic empowerment scheme implemented in July 2015.
Adcock expects the discontinued operations to present a basic loss a share of between 40.3% and 42.8% to between 124.2c and 122.1c apiece during the 2016 financial year.
The basic loss from discontinued, held-for-sale operations, which includes operations in India and Ghana, has been impacted by widening impairments of R208-million in 2016, compared with the R81.8-million impairments recorded in the prior year.
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