Metair’s earnings accelerate

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Metair’s earnings accelerate

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Published Date: 2019-07-25 | Source: Stephen Gunnion | Author: Stephen Gunnion

Metair’s earnings accelerate

The automotive components and energy storage business has flagged a rise of as much as 23% in first-half earnings.

Metair expects to build on last year's performance, with strong growth in first-half earnings.

In a trading statement, the automotive components and energy storage group said earnings and headline earnings per share for the six months to end-June were likely to be between 18% and 23% than the 132c it reported in the previous corresponding period. It gave no further detail.

The group's automotive components division supplies vehicle parts for top car manufacturers, while its energy storage business manufactures stop-start car batteries, amongst other things.

Last year, it grew headline earnings by 16% thanks to a strong performance from its local automotive components business and good growth at its Mutlu Akü energy storage business in Turkey, which more than compensated for a slide in the Turkish lira over the period.

When it released its 2018 results in March, it said it expected conditions for its automotive components business to remain favourable in the short to medium term, based on the increased stability and certainty created by the extension of the government's Automotive Production and Development Programme. It expected vehicle exports to reach record levels and said some of its businesses were well positioned to benefit from the shift towards increased connectivity, innovation and fully electric vehicles.

The second half of its financial year is traditionally stronger than the first six months.

Its interim results are scheduled for release on 14 August. Its shares rose 2.8% to R23.51 yesterday.





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