IT resourcing and solutions company Paracon says its headline earnings per share for the second half of its financial year will be below analysts` expectations.
"Paracon`s headline earnings per share for the second six-month period ending 30 September 2003 will be similar to the headline earnings per share reported on for the first six months ended 30 March 2003 rather than to analysts` expectations currently in the market," it has advised its shareholders.
The March interims recorded headline earnings of 2.1c a share. In the year to September 2002, Paracon achieved headline earnings of 9.8c a share. Analysts had been expecting earnings of 6c a share for the year to September 2003.
"While the resourcing division`s results have performed in line with expectations, the business solutions division`s performance has been disappointing," the group says.
However, it says it continues to generate cash on a monthly basis and has an "extremely strong" balance sheet, with cash of more than R100 million.
By late morning the Paracon share price was unchanged at 48c.
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