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ALLIED ELECTRONICS CORPORATION LIMITED - Trading statement for the financial year ended 28 February 2019

Release Date: 11/04/2019 08:30
Code(s): AEL     PDF:  
 
Wrap Text
Trading statement for the financial year ended 28 February 2019

Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code: AEL ISIN: ZAE000191342
(“Altron” or “the company”)


TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2019

In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading
statement as soon as there is a reasonable degree of certainty that the financial results for the period
to be reported upon next will differ by at least 20% from the financial results for the previous
corresponding period.

In line with previous reporting, the financial results for the year ended 28 February 2019 have also
been divided between continuing and discontinued operations.

The table below illustrates expected earnings per share and headline earnings per share on a
statutory basis for the financial year-end period:

                              28 February 2018       28 February 2019        28 February 2019
                                   (cents)            between (cents)        % range between
 Total operations
 Headline earnings per                121                 180 – 196              49% – 62%
 share
 Earnings per share                    51                 186 – 194            264% – 280%

 Continuing Operations
 Headline earnings per                119                 170 – 186              43% – 56%
 share
 Earnings per share                   109                 166 – 180              52% – 65%

Continuing operations

The majority of the group’s operations have had a strong performance for the financial year ended
28 February 2019. During the financial year, Netstar changed the way it accounts for contract
fulfilment costs resulting in an EBITDA increase of R189 million for the prior year. Therefore, on a
like-for-like comparison group EBITDA from continuing operations is expected to increase by
between 28% and 35%. Headline earnings for the period are expected to increase between 43%
and 56%. Normalised headline earnings have not been presented in this trading statement given the
nominal difference as against the prior year of 4 cents per share.

Discontinued operations

As announced to shareholders on SENS on 26 July 2018, Altron concluded the disposal of
Powertech Transformers. The company also concluded the sale of Altech UEC, the last non-core
control asset, which became unconditional with effect from 21 January 2019. The ongoing
improvement in the performance of the discontinued businesses against the prior year has
contributed to the improvement in both earnings and headline earnings per share for total operations.

The financial results for the year ended 28 February 2019 are expected to be released on SENS on
9 May 2019.

This statement has not been reviewed or reported on by the company’s auditors.

By order of the Board.
Johannesburg
11 April 2019


Sponsor
Investec Bank Limited

Date: 11/04/2019 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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