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Headline earnings per share at Hudaco Industries lagged a jump in other metrics in its results for the half-year to May 2017. This related to acquisitions by the importer and distributor of branded automotive, industrial and electrical consumables into Southern Africa.
While group turnover was up 7% to R2.7bn for the period, and operating profit rose 9% to R269m, basic and headline earnings per share crept up 2%. But net cash from operations came in at a healthy R247m.
"The results are okay in the current difficult economic environment," Ron Klipin, a Cratos Wealth portfolio manager, said on Friday. He said that the generation of strong cash flows, a healthy order book into the second half of the year and acquisitions were again helping to underpin sustainable growth.
Hudaco’s markets fall into two main categories. First, the automotive aftermarket and power tool, security and communication equipment businesses that support consumer spending. Second, mechanical and electrical power ...
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