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Datatec interim earnings to rocket

Johannesburg - International ICT company Datatec [JSE:DTC] advised on Thursday that for the six months ended August 2011, its earnings per share (EPS) and headline earnings per share are expected to be between 19 and 20 US cents, compared to 8.8c a year ago - an increase of between 116% and 127%.

Group revenues for the period are expected to be about $2.4bn, compared to approximately $2.1bn in the comparative period, with overall margin expansion.

Underlying EPS are expected to be between 21c and 22c/share, compared to 15.8c/share for the comparative period, a rise of 33% to 39%.

Underlying EPS excludes goodwill and intangibles impairment, amortisation of acquired intangible assets, profit or loss on sale of assets and businesses, fair value movements on acquisition related financial instruments and unrealised foreign exchange movements

Datatec said its board has resolved to amend the group's dividend/capital distribution payment policy from making a single annual payment to making both interim and final distributions, with immediate effect. The dividend cover policy of at least three times relative to underlying EPS will apply to both interim and final distributions, it said.

The first interim distribution will be declared for the period ended August 2011 with the interim results announcement on 12 October.

Datatec shares rose over 2.6% to R39.45 on the JSE on Thursday morning.

 
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