Allied Electronics Corporation (Altron) has made an about-turn on its warning at the beginning of the year that its earnings for the year to end-February would show a small decline.
The group had expected that a mixed bag of results from its subsidiaries would lead to headline earnings per share (HEPS) being significantly lower than the adjusted HEPS of 320.6c for the previous year.
In terms of JSE definitions, "significantly" refers to a difference of between 0% and 10%.
However, Altron has now told shareholders that it expects HEPS to be significantly higher than the previous year`s adjusted HEPS.
"This was as a result of an improved performance from the sub-holding companies," it says.
"The directors of Altron can further advise shareholders that such increase will be at the lower end of the indicated range."
The Altron share closed at R11.95 on the JSE yesterday, up 5c from Monday`s close.
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