Alexander Forbes sees headline EPS much higher

Johannesburg - South African financial services firm Alexander Forbes Group [JSE:AFH] said on Tuesday it expects improved full-year earnings after a capital restructuring and the sale of its insurance company Guardrisk.

The financial services firm expects headline earnings per share (EPS) for the year to end-March to be between 160% and 170% higher, from 83 cents to 88c per share, it said in a statement.

The group completed its capital restructuring in March 2014, aimed at redeeming all remaining debt and preference shares and replacing them with ordinary shares. A single unsecured term loan was introduced, the company said.

Alexander Forbes also said as a result of the capital restructuring and the profits attributable to the Guardrisk disposal, the comparability of the two financial years - 2014 and 2015 - would be affected.
 
Shares in Alexander Forbes were 0.74% lower at R9.37 by 14:11.