The company has consistently reported normalised earnings per share ("NEPS") as a way of omitting the effect of one-off transactions and corporate action costs from its results. In the current year, these include foreign exchange and bargain purchase gains on the acquisition of IIE MSA, insurance proceeds received in relation to the previously reported fraud event and other corporate actions costs. Omitting these aspects from consideration will result in NEPS being between 5% and 9% higher than the comparative period, resulting in NEPS of between 41.7 and 43.3 cents per share for the six months ended 30 June 2019 as compared to 39.7 cents per share (restated from 40.9 cents per share as a result of the implementation of IFRS 16) for the comparative period.
The company has implemented IFRS 16 using the retrospective approach which requires the results for the comparative period ended 30 June 2018 to be restated. Based on the previous published EPS of 34.8 cents per share and HEPS of 35.0 for the comparative period ADvTECH expects an increase of between 21% and 30% in EPS and HEPS. Based on the previous published NEPS of 40.9 cents per share for the comparative period, ADvTECH expects an increase of between 2% and 6% in NEPS.
ADvTECH expects to release results for the six months ended 30 June 2019 on the Johannesburg Stock Exchange News Service ("SENS") on or about Thursday, 29 August 2019.
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