AEEI expects results may vary by 20% or more compared to prior period | Fin24
 
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AEEI expects results may vary by 20% or more compared to prior period

Dec 18 2019 19:55

African Equity Empowerment Investments (AEEI) said in a trading update on Wednesday evening that a reasonable degree of certainty exists that its financial results for the period to be reported on next will vary by 20% or more when compared to those of the prior reporting period.

During the year, the group regained control over its investment in AYO Technology Solutions (AYO) and the group, therefore, incurred a once-off accounting loss on a deemed disposal of an associate.

Due to the above, the directors of AEEI believe, with a reasonable degree of certainty, that the group's basic loss per share for the year ended 31 August 2019 will be between 189.5 cents and 391.6 cents per share, compared to earnings of 1010.01 cents in the prior year, representing a decrease of between 119% and 139%.

The company also expects that the group's headline earnings per share (HEPS) for the year ended 31 August 2019 will be between 111.74 cents and 116.58 cents per share, compared to 24.24 cents in the prior corresponding year, representing an increase of between 361% and 381%.

The company further expects that the group's normalised headline earnings per share for the year ended 31 August 2019, will be between 118.63 cents and 123.65 cents per share, compared to the 25.09 cents in the prior corresponding period, representing an increase of between 373% and 393%.

Normalised earnings are defined as earnings excluding non-recurring items and once-off adjustments.

The financial information on which this trading statement is based has not been reviewed or reported on by the company's auditors. The financial results for AEEI for the year ended 31 August 2019 is expected to be released on SENS before 20 December 2019.

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