Business

Trading Day – Momentum expects colossal increase in earnings and Richemont sells stake in Net-A-Porter

Momentum Metropolitan expects a massive increase in earnings per share of around 730%.

Richemont announces a deal to sell its controlling stake in Yoox Net-A-Porter (YNAP) to Farfetch (47.5%) and Symphony Global (3.2%). 

Here is the biggest news of the day.

  • Momentum Metropolitan expects a colossal increase in earnings. The company released a trading statement indicating an expected increase in earnings per share (EPS) of around 730%, from R0.31 to roughly R2.60. The group’s full-year results are due to be released on 14 September.
  • Richemont announces a deal to sell its controlling stake in Yoox Net-A-Porter (YNAP) to Farfetch (47.5%) and Symphony Global (3.2%). Symphony Global is an investment vehicle for Mohamed Alabbar, the Emirati businessman and founder of Emaar Properties, who developed the Burj Khalifa. The transaction will see YNAP have no single controlling shareholder. Under the deal, YNAP and Richemont Maisons will adopt Farfetch Platform Solutions to advance its digital commerce capabilities. Richemont expects to take a writedown on this asset’s book value of approximately 2.7 billion euros.
  • Bidcorp reports a sizable increase in earnings and declares a dividend. The company’s full-year results showed a revenue increase of 28% to R147 billion, and headline earnings per share (HEPS) increased 77% to R15.38. Operations cash flow was also healthy, with cash generated before working capital rising 41% to R9.9 billion. The company declared a dividend of R4 per share.
  • DRD Gold reports a decline in earnings. The company saw revenue decrease by 3% to R5.1 billion, while earnings per share (EPS) contracted 22% to R1.31. DRD Gold still declared a dividend of R0.40 per share.
  • Bidvest expects an increase in earnings. The company released a trading statement indicating an expected increase in earnings per share (EPS) of around 30%, from R11.31 last year to roughly R14.70. The group’s full-year results are due to be released on 5 September.
  • Omnia has received a credit rating upgrade from GCR Ratings. Its long-term national scale issuer rating is now A(ZA), and its short-term rating is A1(ZA), with the company’s outlook upgraded from Stable to Positive. Seelan Gobalsamy, Chief Executive Officer of Omnia, said: “This latest rating affirms Omnia’s continued strategy execution and value creation for stakeholders over the last three years.”
  • Cashbuild expects a decline in earnings. The company released a trading statement indicating an anticipated fall in full-year earnings per share (EPS) of just under 30%, from R29.36 last year to roughly R21.30. The group’s full-year results are due to be released on 31 August.

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