JSE-listed Etion on Monday posted an update to its trading statement, revealing a further slide in its expected headline earnings per share (HEPS) and earnings per share (EPS) for the financial year ended March 31.
The group expects HEPS and EPS to slip to a loss of between 50c and 75c apiece, more than 100% lower than the HEPS and EPS of 7.26c posted the year before.
“The decrease in earnings can be attributed to the subdued economic environment, which contributed to a significant slippage in customer project spend to the 2020 financial year, [and] adjustments for the impact of the new accounting standards, as well as various one-off costs related to the executing of our strategy, [and] costs related to the acquisition and absorption of LAWtrust into the group, among others,” the company said in a statement to shareholders.
The group previously warned of a 95.86% to 98.62% year-on-year decrease in earnings.
Etion expects to publish the financial results on Tuesday.