Cape Empowerment Trust (CET) says it is looking to end the next financial year owning 80% of Dynamic Cables, which it says is set to exceed forecasts for the year.
CET ended the year to February with operating income of R5 million (previous year: R11.3 million) and attributable income of R26.5 million (R3.5 million).
This was achieved from revenue of R43.7 million compared to R102.9 million achieved for the comparable period.
Headline earnings per share crossed the line at 5.9c (10.1c), while fully diluted earnings per share grew by 168% to 5.9c, compared to 2.2c for the previous year.
Net asset value per share also increased, this time by 64% to 38.3c.
CET group CE Shaun Rai says the group is looking to increase its holding in Dynamic Cables to 80% from the 55% it owns outright at the moment.
This will be achieved via the earn-out in the original sale agreement.
Rai says Dynamic Cables is performing well above expectations and is set to exceed forecasts for the year.
The group also managed to turn around B&H Printhouse through a restructuring process which involved CET buying out a competitor and incorporating B&H`s assets into the group.
The group says it expects good growth for the year; it will concentrate on bedding down the business and is not considering new acquisitions.
CET says it aims to grow cash reserves with the view to declaring a maiden dividend in the coming year.
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