Enx Group said its adjusted headline earnings per share Enx group for the first quarter 2017 is expected to be between 91.5 cents per share and 100.1 cents per share.
The trading update shows 109.7% and 129.5% higher, as compared to the adjusted HEPS of 43.6 cents per share for the previous corresponding financial period (after adjusting for the share consolidation (prior to the share consolidation adjusted HEPS was reported as 4.0 cents per share)).
Adjusted HEPS excludes the after tax effects of transaction costs incurred to acquire Eqstra Investments Proprietary Limited (“Eqstra”), amortisation of intangibles, equity accounted losses in eXtract Group Limited (formally Eqstra Holdings Limited) (“eXtract”) and IFRS2 charges. Adjusted HEPS is disclosed, as the board is of the view that this more accurately reflects the company’s underlying trading performance.
The expected increases, calculated after the share consolidation, are primarily due to the following facts which did not exist during the previous corresponding financial period: the acquisition of 100% of the equity in Eqstra which owned eXtract’s Industrial Equipment division and Fleet Management and Logistics division on 8 November 2016.
As such enX began accounting for Eqstra’s earnings from this date; and the acquisition of 100% of the equity in West African International Proprietary Limited on 1 July 2016, the trading results of which are included for the full period.
