JSE-listed fishing group Sea Harvest expects its headline earnings to increase by at least 59percent to R177million for the six months to end June.
DURBAN - JSE-listed fishing group Sea Harvest expects its headline earnings to increase by at least 59percent to R177million for the six months to end June, boosted by two acquisitions concluded last year.

As a result, the group said yesterday that its financial performance has improved during this financial period.

In a trading update released to the market yesterday, the fishing group said its headline earnings were expected to increase by between 48 and 59 percent, to be between R165million and R177m, up from last year’s headline earnings of R111m.

The group’s basic earnings per share (Eps) and basic headline earnings per share (Heps) are also expected to increase compared to last year's figures.

“Accordingly, shareholders are advised that the group expects to report basic earnings per share for the six months to end June of between 60 cents a share and 64c. This represents an increase of between 26 and 34percent compared to the Eps of 47.7c,” the group said. Its basic Heps is expected to increase by between 29 and 38percent, to be between 60cents and 64c, up from last year’s Heps of 46.4c. The group has advised its shareholders that the weighted average number of shares in issue for the six months increased to 277.02million shares, up from 240.02million shares compared to last year.

“An additional 19.23million shares were issued on July 2, 2018 as part of the Viking purchase consideration and 21.43million shares were issued on January 7, 2019, in the form of a vendor consideration placement in connection with the Ladismith Cheese acquisition,” the group said. It acquired the fishing businesses of the Viking Group for R885m last year.

Black-controlled and managed investment holding company Brimstone Investments owns a 54.9percent stake in Sea Harvest. Sea Harvest will release its results on or about September 2. Its share price closed flat at R13.85 on the JSE yesterday.

BUSINESS REPORT