JSE-listed Allied Electronics (Altron) expects its basic earnings per share (BEPS) to increase more than 100% for the year-ended February 28 owing to the Bytes Technology Group demerger in December.
Altron expects its BEPS to be between 3 256c and 3 270c apiece, compared with the restated BEPS of 175c reported in the prior corresponding period.
“The increase in BEPS is mainly as a result of the realised profit on the recent demerger of Bytes Technology Group which was finalised on December 17,” the company said in an update to shareholders on April 28.
Reported headline earnings per share (HEPS) are expected to be between 124c and 137c, an increase of between 21% and 29% compared with the 174c recorded last year.
“HEPS, excluding the profit on Bytes UK demerger, was negatively impacted as Bytes UK was previously a material component of the Altron Group earnings and by the poor economic activity and the trading restrictions brought about by the Covid-19 pandemic.”
Altron will release its financial results for the year ended February 28 on May 17.