Simeka Business Group is expecting to post significantly lower revenue and earnings for the year ended 31 May 2010.

The group issued a statement warning investors that it expects revenue to be between 5% and 10% lower and headline earnings after tax to be between 45% and 50% lower than for last year.
It says headline earnings per share (weighted in issue and to be issued) to be between 5 cents and 6 cents (down from headline earnings per share of 11.11 cents for the year ended 31 May 2009).
In addition, following the impairment of goodwill and intangibles totalling approximately R250-million (which are non-cash adjustments) a loss per share of between 40 cents and 45 cents (down from earnings per share of 9.13 cents would be recorded for the year.
The actual cash on had, it states, is R94-million as at 31 may 2010.
Simeka will publish its annual results on about 9 August.