Business disposals spark jump in Altron's HEPS
Allied Electronics expects to report a 22%-28% increase in headline earnings per share for the six months to end-August, bolstered by the disposal of noncore assets
On Tuesday, JSE-listed ICT group Allied Electronics (Altron) said the ongoing unbundling of noncore assets was bearing fruit, with the group on track to complete disposals by the end of November. Group revenue for the half-year to end-August was expected to rise between 42% and 46% compared to the prior period, with earnings per share from total operations expected to rise between 109% and 118% compared to the prior period. Altron attributed the improved performance to its ongoing disposal of noncore businesses, having sold its 80% stake in Powertech Transformers for R250m in July 2018. The group said on Tuesday it had also reached an agreement for sale of its Altech UEC subsidiary, its last noncore controlled asset. Final conditions were expected to be concluded by the end of November. Altron's interims results are expected on or about October 25. At 10.30am on Tuesday, Altron's share price had risen 1.17% to R16.40, having risen 35.76% so far in 2018. Gernetzkyk@businesslive.co.za...
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