WBHO returns to profitability in a challenging climate
3RD SEPTEMBER 2021
BY: TASNEEM BULBULIA
CREAMER MEDIA REPORTER
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JSE-listed Wilson Bayly Holmes-Ovcon (WBHO) says it delivered significantly improved results for the full-year ended June 30, returning to overall profitability in what remained a challenging operating environment.
The improved performance is primarily attributable to reduced losses in Australia, with efforts to reach the physical completion of the Western Roads Upgrade project in that country having contributed to substantial losses in the previous reporting period.
Further losses incurred in the current period primarily represent the cost of attaining commercial acceptance on the project.
The stronger results were also supported by a rejuvenated performance from the African operations, which have recovered well from the impact of Covid-19 in the latter half of the period, with both revenue and profitability having improved.
In the UK, both the Byrne Group and Russells-WBHO businesses delivered solid results, although activity tapered in the second half of the financial year.
Group revenue for the year decreased by 11% to R38-billion.
Earnings a share, however, increased by 163% to 594c, while headline earnings a share increased by 167% to 620c.
WBHO declared a final dividend of 205c apiece