PBT returns to profitability


PBT returns to profitability

Published Date: 2019-06-24 | Source: Stephen Gunnion | Author: Stephen Gunnion

PBT returns to profitability

The IT services group has bounced back after exiting its loss-making operations in the Middle East and Africa while expanding in Western Europe.

PBT Group expects to report a strong rebound in full-year earnings after it restructured and exited its loss-making Middle East and Africa (MEA) operations.

In a trading statement, the IT services group said it would report earnings of between 17c and 18.5c per share from continuing operations for the year to end-March, up from a 97.28c loss in the comparable period. Headline earnings per share (HEPS) would improve to between 17.2c and 18.7c from a 13.5c loss previously. Its discontinued operations also turned profitable, with earnings of 7.35c from a 28.2c loss and HEPS of 0.99c from a 1.99c loss.

The group said its earnings had been amended for last November's 10-for-one share consolidation. While it successfully exited the MEA business, it said it had increased its expansion into Europe.

Last month, the group announced strategic partnership with companies in the Netherlands, Ireland, the UK and Germany, which positioned it to support data related projects across Western Europe.

Its results are due for release on Friday. Its shares closed 2.8% higher at R1.49 in a single trade on Friday afternoon.

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