ENGINEERING
ELB back to profit on strong order book
ELB Group, a JSE-listed engineering solutions provider and capital equipment supplier, posted an R82m profit for the year ended-June 2017, after a difficult 12 months previously. Headline earnings of 243c per share from a loss of 519c per share in financial 2016 were helped by a stronger order book and the award of delayed projects. The group operates mainly in mining, power, ports, construction and industrial markets in Australasia and Africa. Cash generation from operations was R198m in the period. "The return to profitability this year can be attributed to improved market demand — mainly in the equipment segments — the strengthening of some commodity prices, the commencement of previously delayed projects, further inroads into the industrial sector, as well as the favourable effects of a stronger rand," CEO Stephen Meijers said on Wednesday. The right-sizing and repositioning of the group in the previous financial year had enabled the turnaround, Meijers said. Many initiatives an...
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