Spar Group sees higher earnings
The Spar Group said Tuesday that the costs relating to the black economic empowerment (BEE) transaction concluded by the company during the financial year ended September 30 2009 resulted in the company's earnings and headline earnings for the 12 months ended August 2009 and the year ended September 30 2010 being reduced by approximately R136.2 million and R13 million, respectively.
Spar said that as a consequence of the BEE Transaction earnings per share and headline earnings per share for the 12 months ended August 2010 are likely to be 15% to 25% and 25% to 40% higher than the reported EPS and HEPS for the 12 months ended August 2009, respectively.
In the interest of transparent financial reporting, the company said it wishes to further disclose that the EPS and HEPS for 12 months ended August 2010 are likely to only be 2% to 10% and 8% to 15% higher than the EPS and HEPS for 12 months ended August 2009, respectively, after excluding the costs relating to the BEE Transaction as described above.
Results are expected to be published on or about 17 November 2010.