Red ink to stain Ellies’ full-year results
Ellies Holdings will splash more red ink over its income statement when it reports full-year results next week.
will also report an expanded headline loss per share of between 10.2c and 11.62c, from 7.13c a year ago.Not helping matters is a restructuring of the business in the first half of the financial year that had a direct R18-million impact on headline earnings. That works out to a 2.24c hit to both the LPS and the headline LPS.
“The group had a disappointing second half of the financial year, with reduced revenue when compared with the first half. The continued decline in the satellite installation business especially due to the Fifa World Cup also being broadcast on the SABC, as well as the impact of the restructure, put revenue under pressure in the second half,” it said.
“The second objective of the operational restructure was to provide the foundation for the group’s strategy of diversifying away from the purely traditional satellite business towards a smart home infrastructure business, including comprehensive solutions for alternative energy, water storage, connectivity and the connected home.”
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