Revenue for the year ended 30 June 2012 increased by 12% to R4.2 billion (2011: R3.8 billion). Gross profit grew by 10% to R1 billion (2011: R943.9 million), and operating profit increased to R163.2 million (2011: R33.1 million), while profit attributable to owners of the parent rose to R83 million (2011: loss of R30.3 million). Furthermore, headline earnings per share increased to 38.03cps (2011: 16.30cps).
The board considers it prudent to conserve cash as the early part of a market recovery requires working capital investment. It therefore does not propose a dividend in respect of the 2012 financial year. It is the BoardĘs intention to resume dividend payments in due course.
DAWN's cost base and revenue generating capacity are now positioned to take maximum advantage of market improvements. Any improvement in volumes will have a direct impact on the bottom line. The Group anticipates the following further improvements, by segment, in F2013:
*An improvement in the performance in the Building segment as the Sanitaryware cluster turns around;
*The recovery in the market for the Infrastructure segment to be sustained due to contracts already secured in the government and private sectors;
*Profits in Logistics to improve as its achievement of scale facilitates the roll-out of its business model; and
*DAWN International to continue gaining momentum, with substantial opportunities offered by infrastructure growth in Africa, having set a sound base over the last seven years.
The board therefore anticipates further improvements in F2013. This general forecast has not been reviewed nor audited by the company's auditors.