Ellies bounces on improved earnings forecast


Ellies bounces on improved earnings forecast

Published Date: 2018-07-30 | Source: Stephen Gunnion | Author: Stephen Gunnion | Comments

Ellies bounces on improved earnings forecast

The electronics group has revised an earlier update as it returns to profitability

Shares in Ellies rose sharply on Friday after saying that its full-year earnings would be even stronger than previously indicated.

The beleaguered electronics group said earnings for the year to end April would probably amount to 6.84c per share from a loss of 39.67c previously. Headline earnings per share would reach 7.89c from a 7.45c loss a year earlier.

Ellies didn't give any further detail but in its interim results for the six months to October, it said it was benefitting from costs reductions as well as top line growth. At the time, it said the market for satellite dishes remained strong, with sales beatings its own forecasts. Other product lines were also holding up in a competitive market and it said its corporate division was starting to gain traction. Ellies has also expanded into the renewable, energy-efficient sector, focusing on photovoltaic and alternative energy efficient products and solutions.

Its shares gained 6c, or 21%, to 34c.

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