Adcock Ingram’s share price was back on an upward trend in the latter part of the six months to end-December as the company became debt-free for the first time since 2011. The share had jumped 3.36% in midday trade as headline earnings per share shot up 49%. Turnover rose 11% to R3bn as gross profit increased 11% to R1.1bn. The group declared a dividend of 63c per share. It had disposed of its Indian sales and marketing business and of a majority stake in the Ghanaian enterprise in the period, saying it had now effectively dealt with all inherited underperforming assets. CEO Andrew Hall said on Wednesday that it was "pretty tough out there", but the group was "pleased with the result". He said since control of Adcock changed in 2014 it had become a group of entrepreneurial businesses led by independent and "properly motivated leaders in each division". Bidvest now owned about 35%, the Public Investment Corporation about 22% and black economic empowerment stakeholders about 15%. It a...
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