Ellies jumps 10% on trading update
Ellies rallied more than 10% in mid-morning trade on the JSE on Monday (15 June), after the group said it expects headline earnings per share for the year ended April 2012 to be between 68% and 78% higher than 31.42 cents previously.
Shares in the group advanced 41 cents to R4.40, before moving back down to R4.30 or 7.77%, against a 0.78% gain on the All Share Index.
Ellies, which manufactures and distributes electronic products related to television reception, says it expects its earnings per share to be between 68% and 78% higher than 31.49 cents in 2011.
The group had previously advised, in March, that it expected HEPS and EPS to be at least 40% higher than in 2011.
In 2011, Ellies announced revenue of R1.316 billion, and profit from operations of R146 million.
It is still awaiting the implementation of the Digital Terrestrial Television (DTT) migration rollout through Southern Africa.
The group said it continues its participation in energy conservation and the reduction of greenhouse effects, with renewable energy sector products including solar power, solar heating and energy efficient lighting.
Ellies noted that SkyeVine had begun operations, 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.
The group expects to publish its results on about 23 July 2012.
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