LOSSES AT TISSUE OPERATION
Novus expects earnings to plunge
The printing group blames tough trading conditions and losses at the group’s tissue operation
Printing group Novus Holdings is expecting headline earnings a share to drop at least 20% in a year when tough trading conditions were aggravated by a number of particularly adverse developments. Novus, which is controlled by Naspers through Media24’s 66% holding, advised shareholders on Wednesday it expected the results for the year to end-March to differ by 20% or more from the comparative reporting period. The continuation of tough trading conditions and losses at the group’s tissue operation contributed to the decline in earnings. During the year, a number of senior executives resigned following the February 2016 exit of CEO Stephan van der Walt. In April, the company secretary resigned and in June, finance director Edward van Niekerk announced he was quitting. In July, Lambert Retief, nonexecutive director and a major force behind the growth of the company, announced he was taking medical leave of absence for six months. In January, Retief died, prompting an announcement from M...
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