Shareholders are advised that for the six months ended 28 February 2019, the Group expects to report:
– Loss per share (“LPS”) of between 415 cents per share and 495 cents per share, being an improvement of between 32.30% and 19.25% compared to the six months ended 28 February 2018 (“the prior comparable reporting period”) of 613 cents LPS and;
– Headline loss per share (“HLPS”) of between 385 cents per share and 455 cents per share, being an increase of between 12.57% and 33.04% higher compared to the prior comparable reporting period of 342 cents HLPS.
During the period the Group successfully concluded a rights issue, raising net proceeds of R777 million by issuing 200 million shares. This resulted in an increase in the weighted number of issued shares from 196 million to 266 million on which the current loss per share is based.
The loss per share for the period, had it been based on the prior weighted number of shares in issue, would have been:
– LPS of between 560 cents per share and 660 cents per share compared to the prior comparable reporting period of 613 cents LPS; and
– HLPS of between 520 cents per share and 620 cents per share compared to the prior comparable reporting period of 342 cents HLPS.
The Group thus expects to report a net loss for the period similar to that of the prior comparable reporting period.
The current reporting period has been impacted by a tough macro-economic environment with pressure on most of the Group’s businesses, especially in the engineering, procurement and construction (EPC) businesses. The results have also been further impacted by impairments to unrecoverable work in progress and receivables as well as goodwill and intangibles. These impairments do not represent future cash outflows and does not impact on the Group’s liquidity forecasts.
The Group expects to release its unaudited consolidated interim results to the market on Monday 3 June 2019.