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.

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