Construction and engineering company Aveng has reported a 24% rise in diluted headline earnings per share to 107.3 cents for the year ended 30 June from 86.8 cents a year ago.
I-Net Bridge reports a total dividend for the year of 27 cents per share was declared, up from 22.5 cents the previous year. Both the EPS and dividend were slightly ahead of I-Net Bridge's consensus forecast was for headline EPS of 100 cents and a dividend of 25 cents per share.
The company reported a 28% rise in revenue to R13.185-billion from R10.317-billion, while headline earnings were 29% higher at R420.9-million from R326.5-million before.
The company said earnings per share were impacted by the conversion of 40 million automatically convertible debentures during the period.
Hard currency revenues increased from 35% to 45%. The net asset value per share grew by 25% to 645 cents. Aveng now earns 45% of its revenue outside of southern Africa.
Commenting on the results, chief executive Carl Grim said that he was particularly pleased with the group's performance over the past year as significant growth was achieved against the background of considerable internal change.
Looking ahead Grim says that construction is strongly poised with its R9.8-billion two-year order book and is in the position of being able to be selective about the work it targets.
"Steel and allied continued to trade well, fuelled by local construction demand and competitive Rand-induced exports in the motor and manufacturing sectors. Cement volumes are flat but efficiency continues to improve."
"So, unless there is a substantial change to our operating environment in the year ahead, Aveng should be able to repeat the past year's growth in diluted headline earnings per share. The group will move closer to achieving the 20% return on average equity objective and we aim to better the 35% net debt to equity target," Grim said.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
