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Accentuate earnings jump

Johannesburg - Accentuate [JSE:ACE] on Wednesday lifted headline earnings per share by 29% to 11.95 cents for the year ended June 30, 2010, from 9.30 cents previously.

It announced earnings per share of 12.02 cents, from 9.30 cents earlier.

The group declared a final dividend of 2 cents per share bringing the total dividend paid to 4 cents.

Accentuate is engaged in the manufacture and distribution of infrastructural supplies and maintenance solutions including flooring, glass and aluminium, chemical cleaning and related products and services.

Group revenue was at R305.5m, from R298m previously, while Ebitda increased to 8.6% of turnover at R26.1m, from R21.6m in 2009.

"Despite challenging macro-environment conditions, Accentuate remained fairly resilient during the economic downturn of 2008/9 and into the present. This bears testimony to the fact that the company is invested in sustainable sectors of the infrastructure development economy," it said.

Looking ahead, Accentuate said that public sector spending was expected to remain strong with between R160bn and R220bn of Governments R864bn public infrastructure budget expected over the medium-term expenditure framework period. "Most of this expenditure will be directed towards the areas of health care, education and transportation, areas in which Accentuate hold the
specification for flooring and are active within the glass and aluminium sectors," it said.

The group noted increased activity in the private sector with specific reference to refurbishments, "and we remain cautiously optimistic in this regard."

Accentuate pointed to a number of private sector opportunities outside of South Africa, already secured by FloorworX providing a hedge against public sector spending volatility. "We have seen tremendous growth in exploiting synergies within the group and the supply of both adhesives and screeds from SAFIC to FloorworX is already in operation and expected to make a meaningful contribution during the next
financial year," the group said.

It added that SAFIC, its environmental solutions division, also continued to make inroads into the institutional market and had secured a number of "impressive" tenders that would see its contribution towards group profitability increase dramatically and achieve the objective of increasing annuity business within the division. "The development of a unique product and service offering within CGA remains a priority and
will ensure that business is secured at attractive and sustainable margins," Accentuate concluded.
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