Restructuring process set to smooth the road for Imperial
Diversified transport and logistics group Imperial Holdings believes it has taken the pain and, with almost all of its restructuring having been completed, it hopes it is on the path to future recovery.
But rather than report the royal results that the group has been noted for in the past, headline earnings from continuing operations were 615 cents a share for the year to June.
This is below the trading update published six weeks ago which forecast headline earnings of between 639 cents a share and 576 cents a share. Turnover rose marginally to R56billion.
Chief executive Hubert Brody said: "Performance in the year ahead will remain weak," but he added that "this could take one or two years, although the benefits of restructuring are expected to emerge".
On the positive side, interest bearing debt has been reduced to R8,5billion or 81percent against equity, down from R14,7billion in December and R11,1billion in June last year.
Results were hit by lower sales volumes in the motor retail and imported car divisions, although revenue from used car sales were up by 32percent.