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JSE-listed companies AdvTech and Cashbuild both released brief trading updates in a relatively quiet day announcement-wise on the bourse on Thursday.
AdvTech flagged a double-digit increase in half-year earnings, while Cashbuild warned that its full-year earning will slide by over a third.
Read: Rand gains on Thursday
Despite the contrasting trading updates, both stocks were up over 1.5% in morning trade on the JSE on Thursday.
AdvTech:
The private education group notified the market that it is reasonably certain that its earnings for the half-year period ending June 2023 will increase above 20%.
- Basic normalised earnings per share (NEPS) – which exclude the impact of once-off transactions and corporate action costs – to increase by up to 27% to 85.5 cents, compared to the 67.3 cents reported last year.
- Basic headline earnings per share (Heps) could rise by between 21% and 26% to up to 85.9 cents in the six months period compared to 68.2 cents in the previous comparative period.
The group is set to release its half-year financial results on 28 August 2023.
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Cashbuild:
The retailer of building materials and products said in its latest trading update that earnings for the full-year period, ended 25 June 2023, could fall by at least 35%.
- Heps are expected to decline by between 35% and 40% to between 1 157.6 cents and 1 254.1 cents, down from 1 929.4 cents last year.
- Earnings per share (EPS) for the same period is expected to range between 418.9 cents and 523.7 cents, a slump of between 75% and 85% on the previous period.
Cashbuild attributed the earnings slump mainly to an impairment linked to the P&L Hardware goodwill as well as other impairments based on rate changes.
The group will release its financial results on 30 August 2023.
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