TRADING UPDATE
Torre earnings up, but market still not impressed by evidence of its recovery
The market seemed unimpressed with an upbeat trading statement from industrial-products conglomerate Torre. The group, which is controlled by Stellar Capital Partners (SCP), said on Tuesday that headline earnings for the six months to December would come in 22% to 40% higher at 4.47c to 5.1c per share. Torre, which embarked on an aggressive acquisition strategy years ago, owns businesses such as Elephant Lifting, Gabriel Shock Absorbers, Manhand, WearCheck, SA French and SetPoint. According to Torre, the improved showing at bottom line was driven by improved operational performance, specifically in the Analytical Services segment. The base for comparison in the previous interim reporting period was also subject to once-off restructuring and relocation costs. The market seemed disappointed, though. The share lost 2.25% to settle at 87c after the release of the trading statement. This is close to Torre’s 12-month low of 76c, and well off the 12-month high of 177c seen this time in 201...
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