It’s difficult to comprehend the interim earnings collapse at human resources specialist Adcorp. Even more so when the annual report to end-February gave every indication that a turnaround plan was firmly on track.

Back then, Adcorp had pencilled in R1bn in earnings before interest, taxation, depreciation and amortisation by the 2022 financial year — a number that now surely is seriously undermined by an interim trading update that estimated there would be a nearly 95% plunge in headline earnings to 4.9c-5.9c a share.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now