Torre final results June 2018
Revenue from continuing operations was recorded at R1.450 billion (2017: R1.457 billion), gross profit dipped to R526 million (2017: R543 million) and operating profit came to R71 million (2017: R72 million). Loss for the period attributable ordinary shareholders of the group narrowed to R60 million (2017: loss of R437 million). Furthermore, headline earnings per share from continuing operations were recorded at 3.89 cents per share (2017: 3.82 cents per share).
Shareholders are referred to the SENS announcements released on 9 July 2018 and 20 August 2018 which advised shareholders of the proposed delisting of the Group from the JSE. Given these announcements, the board has deliberated and decided not to declare a dividend.
Trading conditions remain challenging, with much uncertainty impacting the economic environment.
To mitigate weakness in the local economic environment, the Group continues to pursue a geographic expansion strategy, which is particularly evident in the Analytical Services segment. Improved sentiment in the mining sector bodes well for the Group while the construction sector remains under pressure. Continued diversification across all business sectors remains a strategic imperative.
Technology disruption remains a key focus area for the Group and opportunities for corporate activity in this space continue to be monitored.
Shareholders are referred to the SENS announcements released on 9 July 2018 and 20 August 2018 in which shareholders were advised of the proposed delisting of the Group from the JSE. The board continues to finalise the terms relating to this transaction and will make a detailed terms announcement, setting out the salient terms of the transaction, in due course.
Torre will host a conference call on the financial results at 10h00 CAT on 12 September 2018.
Anyone who wishes to listen to the presentation of the Group's annual results can pre-register on the home page of the Group's website: www.torreindustries.com.
The presentation will also be available on the Group's website on the morning of the conference call (www.torreindustries.com/investor-presentations).