Allied Electronics Corporation (Altron) expects earnings to halve in the six months to August.
The company says in a Stock Exchange News Service announcement that basic earnings per share for the half-year are expected to be between 58% to 68% lower, compared to the previous corresponding period.
Headline earnings per share are expected to be between 48% to 54% lower, and diluted adjusted headline earnings per share will be between 41% to 47% lower. Last year, basic earnings per share were up 30%, to 209c. Headline earnings per share were up 12%, to 192c.
Altron has decided to impair the goodwill on the Powertech Calidus and Bytes' Xerox UK acquisitions, which contributed to the higher rate of decline in basic earnings per share, compared with headline earnings per share.
Its interim financial results are expected to be announced on 6 October.
Some good
Subsidiary Allied Technologies (Altech) says, despite the challenging economic climate, all its operations are exceeding budget expectations and it is enjoying a high proportion of annuity income.
Altech's earnings per share, headline earnings per share and adjusted HEPS will be between 10% and 15% higher than Altech's half-year results to August 2008. Last year, basic earnings per share were up 53%, to 262c, while headline earnings were up 19%, to 261c.
The company says its interim financial results should be published on 29 September.
Related story:
Economic crisis weighs on Altron
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