JSE-listed financial software solutions provider SilverBridge saw its shares lose half their value on Friday, after it issued a trading statement indicating it would make a loss.
Stock in the company closed at a new 52-week low of 30c, on Friday, after losing 30c on the day. The close is also the lowest point in the past five years.
SilverBridge said its results for the year to June would show a loss per share of between 15c and 22c, compared with a per share loss of 71.47c a year ago. It said it expected a headline loss per share of between 12c and 19c, compared with earnings of 8.19c last year.
Analysts view headline earnings per share as a key indicator of company performance as it strips out unusual items.
In the first half of the year, it reversed its previous loss-making position in the first half of the year and said its turnaround strategy was starting to gain traction.
The group, which has changed its year-end to June, reported revenue of R47.6 million, compared with turnover of R52.2 million in the six months to August 2010. In the 16 months to June, revenue was R121 million.
It reported a R2 million profit in the first half of the new financial year, compared with a R24 million loss in the 16 months to June 2011.
SilverBridge will present its results on 25 September.
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