DAWN interim results September 2018
Revenue for the interim period increased to R1.359 billion (2017: R1.717 billion), gross profit fell to R303.4 million (2017: R388.3 million), loss from continuing operations soared to R116.3 million (2017: loss of R39.8 million), while headline loss per share jumped to 38.38 cents per share (2017: headline loss of 13.73 cents per share).
As outlined in the CEO’s letter, the board and management remain committed to ensuring a future for the group.
Shareholders are referred to the announcement published on SENS on 3 December 2018, where they were advised that Polanofield (Pty) Ltd. made a firm intention offer to acquire all of the issued shares of DAWN. The board believes that the offer received from Polanofield provides a strategic differentiator which can bring solvency, increased revenue and volume growth to cover its cost base and further improvements to reduce the fixed cost base.
The offer has the support of major shareholders through irrevocable undertakings and letters of support. The company’s bankers, credit insurers and landlords have also shown their continued support.
The salient dates pertaining to the scheme will be released on SENS and published in the press at the time of distribution of the circular, which is to be distributed to DAWN shareholders on or about 20 December 2018.
The going concern assessment is included in this condensed consolidated interim financial results.