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Recruitment group Adcorp had a mountain to climb to realise its 2022 target of R1bn in earnings, it announced alongside its results on Monday.
The company, under the new leadership of CEO Innocent Dutiro, recorded a headline loss of 146.1c per share for the year ended February, partly on a R478m goodwill write-off, and one-offs of a further R251m.
Stripping those out, underlying earnings before interest, tax, depreciation and amortisation came to R378m, an increase of 4% on the prior year.
Dutiro’s team, including new chief financial officer Cheryl-Jane Kujenga, has spent the past few months cleaning a "mess" left by former CEO Richard Pike, which Adcorp catalogues as underperforming acquisitions, an overgeared balance sheet, overgenerous pay to executives, governance lapses and an adverse legislative environment.
The market appeared lukewarm on the results, pushing shares 2% lower to R17.51 on Monday. Adcorp shares have flat-lined in 2018 after recovering 29% in 2017.
Dutiro has bu...
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