Poynting shares surge 18% on earnings revision
Shares in antenna maker Poynting Holdings jumped almost 18% on Tuesday (26 June 2012) after it announced that its earnings for the year ended June could rise by at least 100% from the previous year.
At midday‚ Poynting’s share rose by 17.65% to R1.
Last month the company said it was expecting its headline earnings per share (HEPS) and earnings per share (EPS) to rise by at least 20% for the same period.
In February‚ Poynting recorded a 110% rise in earnings before interest‚ taxes‚ depreciation and amortisation for the six months ended December to R5.81m and increased its revenue by 15%.
The company said‚ at the time‚ it was expecting similar or better revenues for the rest of the financial year‚ which concluded at the end of June.
“Commercial revenues and profits will be better due to healthy existing product sales and additional revenue from the micro base stations for which significant orders are already in place or imminent‚” Poynting said.
The company said that “historically” it has always had a stronger second half performance.
“Indications are that we should maintain or improve on first half performance. Overall performance is however never certain due to the uncertainty associated with the Commercial Division sales‚ which can change relatively quickly due to fluctuations in market sentiment‚” the company said.
Poynting designs‚ manufactures and supplies antennas and telecommunication products to the cellular‚ wireless data and defence markets‚ both within SA and internationally through its subsidiaries and partner companies.
The company said it would release its financial results or about 28 September 2012.
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