Super Group headline earnings seen higher

Super Group advised Wednesday that it is expecting to report a consolidated net profit for the six-month period ended December 2009 of between R30 million and R33 million, resulting in earnings per share (EPS) including losses from discontinued operations of between 2.3c and 2.6c and headline earnings per share (HEPS) of between 1.5c and 1.8c.

This compares with a loss of R350 million which equated to a loss of 86.7c per share and headline loss of 15.8cper share for six-month period ended December 2008.

The EPS and HEPS in the current year have been impacted by the increased weighted average number of shares in issue resulting from the rights offer, it said.

The net profit from continuing operations is expected to be a profit of between R68 million and R75 million, equivalent to an EPS of between 6.4 cents and 7.1 cents.

Super Group's continuing operations are expected to generate positive HEPS of between 6.2c and 6.9c.

The net loss from discontinued operations is expected to be between R45 million and R50 million.

The weighted number of shares for the full year to 30 June 2010 is expected to be approximately 2.2 billion shares following the rights offer.


The company said despite tough economic and trading conditions that prevailed during the six- month period ended December 2009, the Group announced that the financial restructuring has been substantially completed and the rights offer successfully concluded.

"These were the Group's main focus areas during the six-month period ended 31 December 2009. The Group has also made progress on disposing of the discontinued businesses."

"The depressed global economic conditions continue to impact the industry sectors in which Super Group operates and lower sales volumes across the divisions affected the financial results."

"Notwithstanding this position, the Group was able to generate positive earnings in its first financial results post the restructuring," it said.

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