Ellies shares gain 15% ahead of interims
Shares in Ellies (ELI), a manufacturer and distributor of electronic products related to television reception including satellite and terrestrial aerial range, skyrocketed 15% by the afternoon session on the JSE on Friday.
By 13:00 on Friday, shares in Ellies advanced 36 cents or 15.19% to R2.73 on the JSE, before settling back down to R2.51 or a gain of 5.91% shortly before 14:00.
In November, the group advised that it expects earnings per share and headline earnings per share for the six months ended October 2011 to be at least 30% higher than 15.16 cents and 15.12 cents recorded in 2012 respectively.
Ellies reported revenue of R652.56 million for the six months ended October 2010, and a pre-tax profit of R78.96 million.
Dealers were unable to pinpoint the sudden gains, but noted relatively high volumes of trade.
Ellies moved on to the Main Board of the JSE, from the Alternative Exchange in November 2010.
BusinessTech was unable to get in touch with the group’s chief financial officer, Michael Levitt.
The group expects to publish its results in last week of January.
In audited results for the year ended April 2011, the group said that it looked forward to “the imminent implementation of the Digital Terrestrial Television (DTT) migration rollout through southern Africa.”
It added that SkyeVine had started operating, by providing internet satellite connectivity within Sub-Saharan Africa, with the successful launching of Intelsat’s New Dawn Satellite.
“Ellies has a 45% interest in SkyeVine and will continue to invest and co-develop the opportunities. Returns from this investment are expected to be reflected in the coming years, with the growth in the subscriber base,” it said.
Loading ...