Barloworld equipment boosts results

JSE-listed Barloworld this week said in a trading statement their interim financials for the six months to end of March 2015, will be released on 18 May 2015.

Barloworld said Equipment Southern Africa delivered a resilient performance for the first half despite the ongoing slowdown in the mining sector, with growth in aftermarket revenues contributing positively to the results. Headline earnings per share from continuing operations are expected to be 10% to 20% (31 cents to 62 cents) higher than the comparable 316 cents in the prior period. Total headline earnings per share, including both continuing and discontinued operations, are expected to be 6% to 12% (20 cents to 40 cents) higher than the comparable 336 cents last year. Basic earnings per share from continuing operations are expected to be 15% to 25% (44 cents to 73 cents) higher than last year´s comparable restated Basic EPS of 293 cents. Basic earnings per share (EPS) are expected to be 25% to 35% (124 cents to 173 cents) lower than the 494 cents in the prior period which included the exceptional profit of R370 million on disposal of the Australian motor retail operations. Net debt increased in the first half as a result of the seasonal increase in working capital but is expected to reduce significantly in the second half of the year. In March, the company issued a bond of R710 million maturing in 2022 at a fixed rate of 9.29% using the existing Domestic Medium Term Note Programme in the South African debt capital market.