WBHO, SA’s largest construction company with a market capitalisation of R8.5bn, was streets ahead of its competitors in the financial year to June, but this was not enough to impress the market. The company, which operates in Africa, Australia and the UK, saw its share price fall 4.67% to R142, its largest drop in just over a week, despite growing its headline earnings per share 8% to R14.15. Its share price has now fallen nearly 8.65% in 2018. Although it remains the most profitable construction stock, its headline earnings per share were still 10% behind market expectations. "This is a disappointing result in that it came in roughly 10% behind our expectations," said Mish-al Emeran of Electus Fund Managers. "We wanted more and the results can only be seen as good if they are judged in the context of a local construction environment that has deteriorated rapidly and which has seen the failure of competitors."
Two other construction groups, Basil Read and Esor, filed for busin...
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