Education and recruitment company ADvTECH said on Wednesday it expected its headline earnings per share for the six months ended June 30 to rise. Photo: Simphiwe Mbokazi

JOHANNESBURG - Education and recruitment company ADvTECH said on Wednesday it expected its headline earnings per share for the six months ended June 30 to rise by 25 to 35 percent to between 42.3 and 45.6 cents.

In a trading statement, ADvTECH said it had 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," it said.

"Omitting these aspects from consideration will result in NEPS being between five percent and nine percent 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."

The company has implemented IFRS (International Financial Reporting Standards) 16 using the retrospective approach which requires the results for the comparative period ended June 30, 2018 to be restated.

On Wednesday it said based on the previous published earnings per share of 34.8 cents and headline earnings per share of 35 cents for the comparative period, this year's interim earnings would be up 21 to 30 percent.

ADvTECH is due to release its half-year resuts on August 29.


- African News Agency (ANA)