Remgro earnings warning ahead of Uys appointment

Listed company Remgro, which holds and effective interest in Dark Fibre Africa and Seacom, is expecting headline earnings per share for the six months ended December 2012 to be between 33% and 37% lower than in 2011.

Pieter Uys, former chief executive officer of Vodacom Group, is set to join the management team of Remgro on 1 April 2013. He will also serve on the management board.

Remgro said in a statement on Monday (11 March) that the decrease in HEPS is mainly due to once-off charges incurred by Mediclinic International with the refinancing of its Swiss and South African debt during October 2012.

“Due to the fact that Mediclinic has a March year-end, Remgro would normally only have accounted for Mediclinic´s results for the six months ended 30 September 2012 (without making any adjustments) when preparing its interim results for the six months ended 31 December 2012.

“However, due to the materiality of the amounts involved, the results of Mediclinic for the six months ended 30 September 2012 has been adjusted with the once-off charges referred to above before being accounted for in Remgro´s interim results for the six months ended 31 December 2012,” Remgro said.

The group further advised that, excluding the effect of Mediclinic´s refinancing cost, Remgro´s HEPS for the interim period is expected to be between 16% and 20% higher than in 2011.

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Remgro earnings warning ahead of Uys appointment