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Discovery expects profit increase

Feb 20 2017 16:12


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Johannesburg - Discovery [JSE:DSY] advised on Monday that normalised profit from operations is expected to increase by between 10% and 15% to between R3 316m and R3 467m for the six month period ended 31 December 2016 over the corresponding prior period.

Normalised headline earnings per share (undiluted) is expected to increase in the range of 0% to 5%, to between 336.6 cents and 353.4c over the prior period.

Headline earnings per share (undiluted) is expected to increase in the range of 10% to 15%, to between 308.7c and 322.7c over the prior period and earnings per share (undiluted) is expected to increase in the range of 10% to 15%, to between 309.1c and 323.2c.

The reason for the difference in the growth rate between normalised profit from operations and normalised headline earnings per share is that the capital raised in the rights issue of April 2015 was only deployed at the end of the prior period, in December 2015.

The effect of this was higher interest income and lower finance charges in the prior period. It is expected that this difference in growth rate will narrow for the group's full financial year.

Discovery's results for the current period are due to be released on 23 February 2017. The financial information on which this voluntary trading statement is based has not been reviewed and reported on by the company's external auditors.

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