Brimstone’s shares fire ahead after trading update
Empowerment holding company Brimstone’s share price jumped 12% to R15 on Thursday after it said it expected to report a return to profit. The holding company of Lion of Africa Insurance said that when it announced its results on February 27 it expected to report headline earnings per share (HEPS) for the year to end-December from the previous year’s 295.3c headline loss. Brimstone said once it had clarity on the range of its basic and headline earnings, it would issue a further trading update. In its interim result released in August, Brimstone said Lion of Africa Insurance had narrowed its loss to R3.4m from R105.2m in the comparative period. Sea Harvest, which is 85% owned by Brimstone, grew revenue 23% on the back of a 5% increase in its catch rate. Brimstone also owns 19.7% of JSE-listed fishing group Oceana and 0.9% of Tiger Brands. Brimstone’s other investments include 6.7% of logistics group Grindrod and 18% of reinsurance broker Aon Re Africa.
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