TRADING UPDATE
Imperial forecasts full-year profit will ease back
The company expects earnings per share to decrease as monetary items suffer
Imperial Holdings said in a voluntary trading update on Monday that headline earnings per share for the year to June 2017 were likely to be 11%-14% down. It said its latest forecasts showed a marginal increase in revenue and operating profit, ahead of the guidance given a year ago. "Earnings per share, headline earnings per share and core earnings per share … are expected to decrease on the previously reported corresponding period," it said in an announcement to shareholders. The logistics and vehicle distribution and financing group told Business Day it did not comment on trading updates ahead of results (due out on August 22). In the announcement it said earnings were negatively affected by higher foreign exchange losses on working capital, intergroup loan funding and hedging instruments, among various other monetary items. Meanwhile, the cost of funding was higher and higher debt levels came from delays in the receipt of proceeds from assets and businesses held for sale. Previous...
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