Allied Electronics (Altron) has issued a trading statement, notifying shareholders that earning for the 12 months ended 28 February will be substantially different from the comparable period last year.
The group notes that a reasonable degree of certainty exists that it will report basic earnings per share of between 3 256 cents and 3 270 cents, which is an increase in excess of 100% compared to the basic earnings per share of 175 cents (restated) for the prior comparative period.
Reported headline earnings per share is expected to be between 124 cents and 137 cents, reflecting a reduction of between 21% and 29% as compared to headline earnings per share of 174 cents (restated) for the prior comparative period.
The increase in basic earnings per share is mainly as a result of the realised profit on the recent demerger of Bytes Technology Group which was finalised on 17 December 2020.
The headline earnings per share (which excludes the profit on Bytes UK demerger) was negatively impacted as Bytes UK was previously a material component of the Altron Group earnings and by the poor economic activity and the trading restrictions brought about by the Covid pandemic.
Altron’s results are expected to be published on 17 May 2021.