Rhodes Foods: Full-year earnings expected to surge

RHODES Foods expected its earnings a share to be between 117 percent and 122 percent higher for the year to September, the newly listed company said yesterday. Headline earnings for the year were expected to between 125 percent and 130 percent higher than in the comparative period. Rhodes Foods said this guidance was calculated based on the 221 million shares in issue post the listing of the group last month. The group added that nomarlised earnings a share, adjusting for the one-off group restructuring costs of R22.2 million in the prior period, were expected to be between 35 percent and 40 percent higher. Normalised headline earnings a share were anticipated to be 38 percent to 43 percent higher. Shareholders were advised that the results would include the Bull Brand business for 12 months compared to only two months in the prior financial year. Its share price fell 1 percent to R11.88 yesterday. – Nompumelelo Magwaza