Trading Day – Adcock posts solid earnings and Buffalo Coal Chair resigns

Adcock Ingram reports a healthy increase in earnings, as revenue for the year was up 12% to R8.7 billion, while earnings per share (EPS) increased 25% to R4.95.

Buffalo Coal Corporation Chairperson and non-executive director Craig Wiggill has resigned from his position on the board.

Here is the biggest news of the day.

• Adcock Ingram reports a healthy increase in earnings. Revenue for the year was up 12% to R8.7 billion, while earnings per share (EPS) increased 25% to R4.95. The company raised its dividend in line with earnings, declaring a final dividend of R1.09 per share. The company indicated that they expect significant economic headwinds in the next year and will focus on managing their margins.
• Buffalo Coal Corporation Chairperson and non-executive director Craig Wiggill, has elected to resign his position on the board according to the change of Control clause in his contract, effective from 23 August.
• Distell reports a significant increase in earnings on the back of higher sales volumes. Revenue for the year was up 20.8% to R34.1 billion, driven mainly by higher sales volumes of 17.6%. Earnings per share (EPS) increased 22.7% to R10.80.
• Blue Label Telecoms reports an increase in earnings despite revenue decline. Revenue for the year came in at R17.8 billion, down from R18.8 billion. Earnings per share (EPS) increased from R0.92 to R1.17.
• Mix Telematics agrees to purchase Trimble’s Field Service Management business for between $6.7 million and $9.5 million.
• Gold Fields declares an interim dividend of R3 per share and sees a slight increase in earnings and revenue per ounce. Headline earnings per share (HEPS) increased yearly from US$ 0.45 to $0.58.
• Octodec expects an increase in distributable income. The company released a trading statement for its full-year results indicating an expected distributable income of around R1.72 per share, an increase of roughly 27% from last year. The board anticipates the actual distribution payment to be around R1.30 per share compared to R0.50 paid last year. The group is expected to release its results on 1 November.
• Nividia misses earnings expectations, but Quarter 3 forecasts are down significantly. Adjusted earnings per share came in at $0.51 compared to expectations of $0.53. However, Net Income fell 72% yearly to $656 million. Revenue met expectations at $6.7 billion. Quarter 3 revenue forecasts missed a billion, coming in at $5.9 billion.