Group Five FY HEPS slide 49.7% to R2.05

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Group Five suffers a 49.7% slide in headline earnings per share to R2.05‚ affected by contract losses in its engineering and construction cluster.

The small-cap said on Monday there were significant losses incurred on an Eastern Cape contract‚ underperformance on some other contracts and very low levels of new order intake.

The implementation of the related rightsizing and associated retrenchment programme in the civil engineering division affected the results.

Group revenue dropped 10% to R13.9bn as a result of the comparatively large order book traded in the prior period in the energy and civil engineering segments.

CE Eric Vemer said in a statement he expected a better performance in the new financial year based on‚ among other things‚ enhanced group operating structure and continued strong performance in the investments and concessions division.


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