CONCRETE supplier WG Wearne on Tuesday reported that its headline loss per share narrowed to 6.15c from the previous year’s 19.88c.CEO John Wearne said he was confident the company would return to profit by February next year, with the continued efforts to reduce operating costs and continued market improvements.Auditors Grant Thornton included an emphasis of matter that WG Wearne’s liabilities exceeded assets by R80.1m at the year end, raising uncertainty about its ability to continue as a going concern.However, the group said its financiers had agreed to extend the repayment terms of long-term borrowing, and the overdraft of R19m would be converted into a two-year loan. There were also undrawn loan facilities of R10m from the Industrial Development Corporation at February 28, "which further ensures the going concern statement is applicable", said Mr Wearne."The group has a cash-management programme with its financier that grants it better access to its working capital. The effecti...
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