DURBAN - Food and beverages group Clover gained more than 2 percent after it released a second trading update in which the company expects its headline earnings a share to increase by between 207.13 percent and 227.13 percent for the year to June.
In the first trading update released at the end of June, the group expected its headline earnings a share to increase by slightly more than 20 percent.
However, in the latest update Clover said headline earnings a share were expected to between 196.26 cents and 209.04c a share, improving on last year’s earnings of 63.90c.
“During the current period, a mix of interventions by the management team and the normalisation of external factors enabled the company’s results to recover to expected profit levels compared with the disappointing results achieved in the comparative period,” the group said.
The share price jumped by 2.14 percent on Tuesday afternoon to R18.16 a share, from Monday’s closing price of R17.78.