Reunert points to improved H1 earnings

Reunert (RLO), the ICT and telecommunications firm says it expects normalised headline earnings per share will be between 11% and 17% higher for the six months ended 31 March 2012, from 260.7 cents previously.

The group anticipates headline earnings per share will be between 12% and 18% higher for the period, from 262.7 cents in 2011.

Reunert notes that earnings per share will be between 32% and 38% lower than 466.5 cents per share. “The decrease in earnings per share is attributable to the abnormal gain of R346.4 million realised on the sale of Reunert’s investment in Nokia Siemens Networks South Africa in January 2011.”

“This transaction was excluded from the calculation of headline and normalised headline earnings per share in the comparable period in the prior year,” Reunert said in a statement on Wednesday (2 May 2012).

The group, which includes Nashua ECN and Nashua as subsidiaries, reported revenue of R5.22 billion and an operating profit of R604 million in the H1 period in 2011.

In March, Reunert advised that it had instituted proceedings against John Charles Holdsworth, the ex-CEO and major shareholder of ECN Telecommunications and his new business, AppChat.

“Reunert seeks to enforce contractual restraint of trade and confidentiality undertakings given by Mr Holdsworth in favour of Reunert, following its acquisition of the ECN Telecommunications business in June last year. The business now operates as Nashua ECN, a division of Reunert,” it said at the time.

The two companies appeared in the Pretoria High Court on Tuesday (17 April 2012) with the next court hearing scheduled for 29 May.

Reunert is expecting to publish its results on 28 May 2012.

In afternoon trade on the JSE, shares in Reunert were virtually unchanged at R71.98.

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Reunert points to improved H1 earnings