Ellies sinks even further

 ·26 Feb 2024

Electronics manufacturer and distributor Ellies has seen its earnings and profits plunge further.

In a trading update for the six months that ended 31 October 2023 (H1 2024), the group said that it expected a loss per share of between 12.80 cents and 13.66 cents per share, an increase of between 195% and 215% from the 4.34 cents loss per share for the six months ended 31 October 2022 (H1 2023).

There is also an expected headline loss per share of between 12.81 cents and 13.73 cents, an increase of between 180% and 200% from the 4.58 loss per share in H1 2023.

These results have not been reviewed or reported by the group’s external audtiors, with it expected to release its interim results for H1 2024 by roughly 29 February 2024.

By JSE regulations, these results were supposed to be finalised within three months of the end period – which would have been 31 January 2024.

However, on that day, the group announced that it was going into business rescue after its bankers said that they would not fund the proposed purchase of Magetz Electrical Proprietary Limited and Power on Wheels Proprietary Limited (collectively, Bundu Power).

Read: South Africa kisses another 100 businesses goodbye

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