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Johannesburg - Business Connexion Group [JSE:BCX] advised on Thursday that it expects its diluted earnings per share for the year ended August 2011 to be between 26 cents and 30c per share and diluted headline EPS between 16c and 20c per share. Its 2010 diluted EPS was 40.3c and diluted HEPS 40.1c.
It said the main reasons for the lower earnings are retrenchment costs of R47.2m, merger and acquisition costs of R31.2m, IFRS 2 charges in respect of the Management "A" Share Trust as part of the group's black economic empowerment transaction of R12.1m, amortisation in respect of the intangible assets from the acquisitions concluded during the financial year of R15.5m, and the technology division performing below expectations.
BCX's results will be released on November 10.
Shareholders were also advised that BCX is still in negotiations which, if successfully concluded, may have a material effect on the price of the group's securities. Accordingly, shareholders were advised to continue to exercise caution.
Business Connexion shares fell 4.8% on Thursday morning.
It said the main reasons for the lower earnings are retrenchment costs of R47.2m, merger and acquisition costs of R31.2m, IFRS 2 charges in respect of the Management "A" Share Trust as part of the group's black economic empowerment transaction of R12.1m, amortisation in respect of the intangible assets from the acquisitions concluded during the financial year of R15.5m, and the technology division performing below expectations.
BCX's results will be released on November 10.
Shareholders were also advised that BCX is still in negotiations which, if successfully concluded, may have a material effect on the price of the group's securities. Accordingly, shareholders were advised to continue to exercise caution.
Business Connexion shares fell 4.8% on Thursday morning.
