Are things finally looking up for Adcorp?
The workforce solutions provider appears to be in good shape as businesses adjust to a more challenging global economic environment
Human resourcing specialist Adcorp’s recently released results for the year ended February 2023 were, on the face of it, relatively good. Headline earnings from continued operations were up 48% to 147.8c per share on the back of 6.5% growth in revenue to R12bn.
Admittedly, the quality of the group’s profit is affected by a very low tax rate (-1.9%). This abnormally low tax rate was largely affected by a nonrecurring deferred taxation liability reversal and the group taxation principles applied in its Australian business. Current year income taxation losses in the allaboutXpert business — an Australian subsidiary of the group, which, after considerable contract losses, was placed in voluntary administration late last year — are deductible for tax purposes in the consolidated Australian group...
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