JSE-listed Bidvest Group says it has delivered a very strong trading profit performance, backed by exceptional cash generation and a solid balance sheet, for the financial year ended June 30.
Its sequential quarterly performance also improved progressively, the group notes.
Group headline earnings per share (HEPS) are expected to be more than 200% higher year-on-year at between R11.80 and R12.20.
The prior year included operational losses recognised for the discontinued Bidvest Car Rental business.
HEPS from continuing operations, which excludes the now disposed Bidvest Car Rental, is expected to be more than 100% higher year-on-year at between R11.54 and R12.13.
Normalised HEPS from continuing operations are expected to be 23% to 28% higher year-on-year at between R12.60 and R13.24. This measure excludes Covid-19 expenses, acquisition costs and amortisation of acquired customer contracts.
Basic earnings per share (EPS) from continuing operations are expected to be between R11 and R11.60, compared with the 49.8c reported for the prior year.
The prior year was impacted by R1.2-billion in Covid-19 expenses, a R218-million negative Adcock Ingram remeasurement impact, a R241-million capital impairment recognised for airline Comair and R1.2-billion in capital impairments and business disposals.
Group basic EPS are expected to be between R11 and R11.60, compared with the previous year’s loss of R1.37.
This is the result of the items described under basic EPS, as well as the operational losses and impairments recognised for the discontinued Bidvest Car Rental in the prior year base.
Bidvest expects to publish its full-year results on September 6.