Cashbuild earnings down 7% to 664.5c

Posted On Tuesday, 20 September 2011 02:00 Published by Commercial Property News
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Building materials group Cashbuild has reported a 7% decline in diluted headline earnings per share to 664.5c for the year ended June 2011 from 713.7c a year ago.

Werner de Jager CashbuildBuilding materials group Cashbuild on Tuesday reported a 7% decline in diluted headline earnings per share to 664.5 cents for the year ended June 2011 from 713.7 cents a year ago.

A final dividend of 139 cents per share was declared, up from 127 cents in 2010, for a total dividend of 296 cents per share, compared with 233 cents a year ago.

The group noted that HEPS excluding the BEE transaction were up 28% to 916.4 cents.

Revenue was 6% higher at R5.667 billion, while the operating profit was flat at R239.3 million from R239.4 million. Operating profit excluding the BEE transaction was up 21%.

The company noted that operating expenses increased by 13%, largely as result of the BEE transaction.

Stores in existence since the beginning of July 2009 accounted for 3% of the increase in revenue with the remaining 3% increase due to the 13 new stores the group has opened since July 2009.

This increase for the year has been achieved in tough trading conditions with selling price inflation of 2%. The growth in customer transactions of 4%, of which 1% is from the existing store base, was encouraging, it said.

During the period, Cashbuild opened five new stores, 14 stores were refurbished and four relocated. Three stores trading in close proximity to other Cashbuild stores were closed during the year. Cashbuild will continue its store expansion, relocation and refurbishment strategy in a controlled manner, applying the same rigid process as in the past, it said.

Looking ahead, management remains positive about the top line trading prospects for the next quarter. The first nine trading weeks since year-end have reported an increase in revenue of 8% on that of the comparable nine weeks, it noted.

Last modified on Tuesday, 02 July 2013 16:23

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