Metrofile warns of lower profit as CFO resigns


Metrofile warns of lower profit as CFO resigns

Published Date: 2019-03-13 | Source: Stephen Gunnion | Author: Stephen Gunnion | Comments

Metrofile warns of lower profit as CFO resigns

The documents storage business says first-half HEPS will be up to 39% lower.

Metrofile warned of a steep drop in first-half profit yesterday as its chief financial officer quit after just four months in the position.

In a trading statement, the documents storage business said revenue for the six months to end-December was up 7.5% but it expected earnings before interest, tax, depreciation and amortisation to be down by between 1% and 10%. Earnings per share (EPS) would be 40% to 47% lower than a year earlier, while headline EPS would fall by 29% to 39%, it said. It gave no reason for the decline.

Separately, it said Kelebogile Dludla informed the board of her intention to resign, with effect from 8 March. She took the role last November. It said Leon Thomson, the general manager for Metrofile in Gauteng, would step in as chief financial officer as an interim measure. Thompson has been with Metrofile for 16 years and is also responsible for finance at its Gauteng division.

The company's shares fell 16.4% to R1.88 yesterday.

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