The company this morning issued an updated trading statement, saying earnings per share would be between 40% and 45% lower, while headline earnings per share would be between 60% and 65% lower.
In September, ConvergeNet told the market that earnings per share should be between 15% and 25% lower, while headline earnings per share would be down between 35% and 45%.
No reasons were given for the bigger than expected loss.
A year ago, the company reported revenue of R1 billion, an improvement on 2008's turnover of R924 million. Earnings per share were, however, lower at 5c from 6.2c and headline earnings per share went from 6.2c to 4.9c.
ConvergeNet attributed the lower earnings and headline earnings per share to the group's increased investment in resources and skills, which was not offset by equivalent revenue growth.
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ConvergeNet expects earnings drop
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