Allied Electronics (Altron) has published a trading statement relating to the financial year ended 28 February 2019.
The group has alerted shareholders to the possibility of significantly higher headline earnings per share and earnings per share for both total operations and continuing operations.
In terms of continuing operations, the majority of the group’s operations posted a strong performance for the financial year.
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%.
During the year, Altron concluded the disposal of Powertech Transformers and concluded the sale of Altech UEC, its 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.
Altron’s financial results for the year ended 28 February 2019 are expected to be released on SENS on 9 May 2019.