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Super Group does U-turn to profit
Super Group announced yesterday that it expected to report as much as R170m in profit for the year to June, signalling a major turnaround from its dire situation in 2008, when it reported a more than R1bn loss.
The expected profit in what the group said was a “year of restructuring” shows that, under new CEO Peter Mountford, it is putting its financial woes — which saw debt hit R3bn — behind it.
Super Group said yesterday that it expected its consolidated net profit for the year ended June 30 to be between R150m and R170m. This will give the group earnings per share of between 5,5c and 6,3c, and headline earnings per share of between 4,5c and 5,3c. This is an improvement on the R1,3bn loss it reported in the year to June last year, with a loss of 296,1c per share and a headline loss of 170,9c per share.
Super Group embarked on a rights issue last year, which raised more than R1,2bn. The company is scheduled to release its results on August 19.
“The depressed global economic conditions continue to impact the industry sectors in which Super Group operates and lower sales volumes across the divisions affected the financial results. Notwithstanding this position, the group was able to generate positive earnings during this year of restructuring.”
Super Group said it had completed the disposal of its discontinued businesses, offloading non- core businesses such as Emerald Insurance Company, AutoZone and Mica. This would let it focus on core southern African supply chain operations, the fleet solutions business and dealerships.
Source: Business Day
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