Raubex reports second-half recovery

print

Raubex reports second-half recovery

656 views


Published Date: 2021-04-14 | Source: Stephen Gunnion | Author: Stephen Gunnion

Raubex reports second-half recovery

The construction and road-building group has reversed a first-half loss as all three divisions returned to profitability.

Raubex has reported a good recovery for the second half of its financial year with all three divisions returning to profitability and operations reverting to normal efficiency levels. However, that wasn't enough to offset a tough first half, resulting in lower earnings for the full year.

In a trading statement, the construction and road-building group said earnings per share (EPS) for the year to end-February were likely to be 35% to 55% lower than those reported last year while headline EPS would be down by between 45% and 65%. It attributed the decline to the Covid-19 lockdowns, which had a significant impact on its interim performance and resulted in a first-half loss.

Raubex said it had secured a strong order book supported by significant contract awards from roads agency Sanral, as well as a contract to expand, upgrade and improve the Beitbridge Border Post in Zimbabwe. A number of other contract opportunities had been tendered for in the local construction sector, with bids currently under adjudication and pending award.

Its results are scheduled for release on 10 May. Its shares fell 2.9% to R27.51 yesterday.





0 Comments


Similar Stories