Shares in mobility conglomerate Imperial Holdings skidded despite the release of an upbeat trading statement for the financial year ending June. On Friday, Imperial’s shares fell almost 4% to R205.71 in early trading. The detailed trading statement was largely in line with a broad business update issued in May. Lentus Asset Management chief investment officer Nic Norman-Smith said it appeared the market expected a better performance from Imperial. The group estimated that headline earnings would range from R15.20/share to R16.15/ share, representing an increase of 9% to 16% on 2017’s number. If the contribution of insurance business Regent – which was sold in 2017 – and businesses held-for-sale were stripped out, then headline earnings would range from R15.25/ share to R16.10/share – up 23% to 30% on the previous year. Electus Fund Managers analyst Damon Buss said Imperial’s trading statement was slightly behind expectations and consensus, albeit not materially so. In May, Imperial ...
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