Adcorp has scrapped its final dividend, after posting a headline loss per share of 27.9c for the 12 months ended February. While revenue inched 3% higher, to R16.1bn, the staffing group says trading profit was hit by a material loss in its oil-focused African operations, a forex loss of R30.2m and a drop in South African labour volumes following changes to local labour laws in 2015. Retrenchment costs set Adcorp back by R32.6m, the benefits of which are expected to felt in the new financial year. With gearing up at 48% from 43% previously, Adcorp said it’s considering the sale of certain non-core assets to free up cash, although it hasn’t said which.
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