Digicore's earnings at least 73% down

Digicore said on Thursday (19 September) it expected headline earnings per share for the year to June to be between 73% and 75% lower than last year

The fleet management and vehicle tracking company said the lower anticipated earnings were because of the increased depreciation charge on rental stock and impairments of goodwill that mainly related to offshore operations.

The group said it expected to incur an attributable loss of between 265% and 273% or between 21c and 22c a share compared with the attributable earnings it achieved last year.

Digicore said it had increased revenue marginally for the year and had maintained its gross margins adding that it had also managed to control expenditure.

"This resulted in the group reporting a positive trend in earnings before interest‚ taxes‚ depreciation and amortisation. Growth was‚ however‚ materially eroded by the factors mentioned," the company said..

The results are expected to be released on 25 September.