Johannesburg - Adcock Ingram rose as much as 7.4 percent to R47.49 a share on the JSE on Friday morning after the company released a very pleasing trading update.
The pharmaceutical company advised its shareholders that headline earnings a share from total operations were likely to be between 227.2c a share and 228.9c a share for the year to June. This would be between 41.9 percent and 43 percent higher than the 160.1c a share reported for the year to June last year.
The company also said the basic and headline earnings from continuing operations had been adversely impacted by a once-off IFRS 2 charge of R20.8 million related to the broad-based black economic empowerment scheme implemented in July last year.
Adcock Ingram is busy finalising its results which are expected to be released on Stock Exchange News Service on or around August 26.
Adcock Ingram’s share price declined 3.98 percent on the stock exchange on Friday to close at R47.05.
BUSINESS REPORT