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Johannesburg - Global player in the premium coatings industry, Chemical Specialities [JSE:CSP] on Thursday announced a basic and diluted headline loss per share of 27.99 cents for the year ended March 2011, from 12.95 cents the previous year.
It noted basic and diluted loss per share of 29.12 cents, from a prior loss of 12.82 cents.
Revenue declined to R318.5m, from R394.2m in 2010, while the group recorded an operating loss of R124m from R34.6m previously.
"The group's performance in the past year was extremely disappointing and it was necessary for certain shareholders not only to provide financial support but, together with a new management team, implement a rigorous turnaround program," Chemspec said.
This program, it added, was currently being implemented with some successes but the group also warned that the substantial nature of the turnaround would take some time to bear fruit.
The group pointed out that it lost the confidence of a substantial portion of its long standing customer base and was having to work hard in assuring its customers that what happened in the last two years would not re-occur and has been corrected. "Simply put, we assure our customers that going into the future; we are able to and will provide them with the products they require in time and at the right price and quality.
"Recovering our customer base is not an easy process and together with introducing new customers and routes to the market will take time," it said.
It noted basic and diluted loss per share of 29.12 cents, from a prior loss of 12.82 cents.
Revenue declined to R318.5m, from R394.2m in 2010, while the group recorded an operating loss of R124m from R34.6m previously.
"The group's performance in the past year was extremely disappointing and it was necessary for certain shareholders not only to provide financial support but, together with a new management team, implement a rigorous turnaround program," Chemspec said.
This program, it added, was currently being implemented with some successes but the group also warned that the substantial nature of the turnaround would take some time to bear fruit.
The group pointed out that it lost the confidence of a substantial portion of its long standing customer base and was having to work hard in assuring its customers that what happened in the last two years would not re-occur and has been corrected. "Simply put, we assure our customers that going into the future; we are able to and will provide them with the products they require in time and at the right price and quality.
"Recovering our customer base is not an easy process and together with introducing new customers and routes to the market will take time," it said.
