African Cellular Towers (ACTowers) has outperformed the profit forecasts in its listing prospectus last year.
In a trading update to shareholders yesterday, ACTowers said it expected earnings and headline earnings per share (HEPS) to increase by between 15% and 25%.
The figures presented in the forecast last year predicted earnings for the full-year ended 28 February to be R25.5 million. HEPS of 13c were expected to be delivered off 193 million shares in issue.
The company, which listed on the JSE's Alternative Exchange in November, manufactures steel communication towers, portal factories, steel fencing, diesel and water tanks, solar structures and general steel engineering.
It also specialises in the management of turnkey telecommunications network projects including GSM, wireless local loop, fixed wireless and VSAT technologies.
Since listing, ACTowers has entered negotiations to acquire specialist cellular tower shelter manufacturer JK Shelters. The deal is valued at R40 million, but is based on JK Shelters achieving an after-tax profit of R8 million for the year ended 28 February.
ACTowers is expected to release its full-year financial results this week. Its share price yesterday closed at R1.90, up 4% on the previous day's close.
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