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  Home - Listed Company Financial News
Listed Company Financial News
 
Discovery Ltd.  click here for the company's news page
Discovery interim results December 2017 Tuesday 20 February 2018
 
Net insurance premium revenue increased by 6% to R15.631 billion (2016: R14.703 billion), profit from operations rose 19% to R3.859 billion (2016: R3.249 billion), profit attributable to ordinary shareholders jumped 31% to R2.656 billion (2016: R2.028 billion), while headline earnings per share grew by 36% to 426.1 cents per share (2016: 314 cents per share).

Interim dividend declaration
B preference share cash dividend declaration:
On 15 February 2018, the directors declared an interim gross cash dividend of 518.15068 cents (414.52054 cents net of dividend withholding tax) per B preference share for the period 1 July 2017 to 31 December 2017, payable from the income reserves of the Company. A dividend withholding tax of 20% will be applicable to all shareholders who are not exempt.

Ordinary share cash dividend declaration:
Notice was given that the directors have declared an interim gross cash dividend of 101 cents (80.8 cents net of dividend withholding tax) per ordinary share, out of income.

Company prospects
Prospects for continued growth are compelling. Discovery's established businesses are all well positioned in their respective markets, its emerging businesses are insurgent, and four substantial businesses will be launched during 2018. This gives the Group confidence of ongoing growth and performance into the future reserves for the six month period ended 31 December 2017.
 
Clientèle Ltd.  click here for the company's news page
Clientele interim results December 2017 Monday 19 February 2018
 
Insurance premium revenue increased by 11% to R1.096 billion (2016: R989.5 million), profit attributable to equity holders of the group climbed 18% to R262.2 million (2016: R222.3 million), while headline earnings per share grew 17% to 78.44 cents per share (2016: 66.94 cents per share).

Company outlook
Management's primary focus is currently directed at improving the quality of new business written whilst maintaining production levels and reducing the level of withdrawals and debit order disputes.

New initiatives include the acquisition of "Switch2", an innovative start-up providing niche credit life products as well as the introduction of the "Estate Preservation" product which will be launched within a month.

The roll out of new distribution channels, particularly the Agency and Broker channels, are expected to create meaningful value for the Group into the future.

Clientèle remains committed to providing products that are relevant and meet policyholders' needs whilst delivering these to the market conveniently and efficiently.

The Board is encouraged by the new initiatives and their prospects for growth and value creation in the Group's target market.
 
London Finance & Investment Group PLC  click here for the company's news page
Lonfin interim results December 2017 Tuesday 6 February 2018
 
Operating income for the year was higher at GBP387 000 (GBP318 000) whilst operating profit grew to GBP114 000 (GBP90 000). Profit attributable to shareholders shot up to GBP563 000 (GBP69 000). In addition, headline earnings per share turned around to GBP0.3p per share (loss of GBP0.9p per share).

Interim dividend
The board recommends an interim gross dividend of GBP0.55p per share (ZAR9.36442 cents) (GBP0.55p) which will be paid on Friday 6th April 2018 to those members registered at the close of business on Friday 16th March 2018 (SA and UK). Shareholders on the South African register will receive their dividend in SA Rand converted from sterling at the closing rate of exchange on Thursday 1st February 2018 being GBP 1 = SA Rand 17.02622.

Company outlook
Although markets have shown resilience and strength over the course of the last year, they are close to an all-time high. The board remains cautious about the potential impact of major geo-political risks. Accordingly, the board expects to see continued volatility in the equity and currency markets. These may have a material impact on the value of our investments.
 
African Phoenix Investments Ltd.  click here for the company's news page
Phoenix final results September 2017 Friday 8 December 2017
 
Total income for the year jumped to R251 million (R200 million). Basic earnings attributable to ordinary shareholders tumbled to R186 million (R491 million). In addition, headline earnings per share from continued operations turned around to 13.7cps ( loss of 6.5cps).

Dividend
No ordinary or preference dividends were declared in the current period (2016: Rnil).

Company looking ahead
Our goal is to create long term value by actively investing in a diversified group of businesses. In pursuit of our goal, we aim to appoint a management team with demonstrable skills in deploying capital, generating shareholder value and an ability to utilise our unique structuring opportunity.
 
Trustco Group Holdings Ltd.  click here for the company's news page
Trustco interim results September 2017 Thursday 7 December 2017
 
Revenue for the interim period lowered to NAD408.1 million (2016: NAD560.2 million). Income from operations decreased to NAD449.3 million (2016: NAD594.6 million). Profit for the period dropped to NAD53 million (2016: NAD166.5 million). Furthermore, headline earnings per share dropped to NAD7.11 cents per share (2016: NAD21.54 cents per share).

Dividend
The board of directors has decided to defer the declaration of any 2018 interim dividend.

Business review and outlook
During the past year, Trustco weathered increasingly difficult conditions in the Namibian economy. With Q1 and Q2 growth in Namibian GDP both showing negative growth of 1.7%, and economists predicting a similar picture for Q3, the country remained in a technical recession for the entire reporting period. This resulted in an average private sector credit extension (PSCE) growth of 7.4% as at 31 August 2017, a reduction of 4.7% from 12.1% for the 2016 corresponding period. The slow PSCE growth, evidenced by reduced growth in credit advanced to the household and corporate sectors, impacted mortgage and instalment credit the most.

Only two economic sectors in Namibia, namely mining and agriculture, managed to register strong growth for the first 8 months of 2017, which offset the negative growth for the construction, wholesale and retail trade and transport sectors.

Although growth projections for the economies of Namibia and southern Africa remain weak, the growth projections for the global economy reflect an increase of 0.4% from 3.2% to 3.6% for 2018.

A weakened ZAR/USD exchange rate further negatively impacted the growth of Namibia, given that the country remains a net importer. This exposure to a domestic economy where so many of its inputs, such as exchange rate, food prices, drought and global liquidity remain outside of the control of government as well as private sector, shows that Trustco's pursuit of cross border expansion and US dollar based revenues remains key for continued growth.

Notwithstanding the above, Trustco's operations continued to demonstrate reliable performance coupled with resilience, even in the face of adverse financial conditions.

The Board of Directors will continue to exercise its mandate to aggressively repurchase its shares as approved by the Shareholders.

 
Alexander Forbes Group Holdings Ltd.  click here for the company's news page
Alexander Forbes interim results September 2017 Monday 4 December 2017
 
Fee and commission income from continuing operations rose to R2.002 billion (R1.994 billion). Operating profit lowered to R382 million (R387 million). Profit attributable to owners lowered to R282 million (R349 million). In addition, headline earnings per share decreased to 21.7 cents per share (27.0 cents per share).

Interim dividend
Notice is hereby given that the directors have declared an interim gross cash dividend of 18 cents (14.4 cents net of dividend withholding tax) per ordinary share for the six months ended 30 September 2017.

Company outlook
The markets we operate in, predominantly South Africa and select emerging markets, continue to experience uncertainty in both political and macroeconomic environments and our business model, much like other financial services organisations, remains sensitive to these factors.

That said, at the interim stage of the 2018 financial year, our performance continues to show progress towards delivering what we said we would do. Our turnaround is intensifying as we focus more on improving operational performance as well as improving the customer experience through an integrated proposition anchored around helping our customers secure a lifetime of financial well-being and security. We have delivered more ... more customer-focused solutions, more consistency in delivering positive operating leverage, more trading margins, more operating profit which, alongside more efficient profit to cash conversion, has led to more dividends.

We plan on using big data to be more disruptive in the areas of predictive analytics, taking advantage of our brand strength to drive further efficiency through improved automation. Putting the customer at the centre of our value proposition remains key.

We are also making good progress across our group-wide technology and digital transformation initiatives. We will continue to be selective in our investments with a clinical approach to the allocation of capital.

As a business, we remain focused on building on the progress made over the past year under my tenure as group chief executive. Alexander Forbes is a self-help story with a balanced and increasingly focused portfolio of businesses in South Africa and select emerging markets.

The tendency with self-help or turnaround businesses is to focus on the successes rather than the issues and as a result colleagues become complacent. I want to guard against this happening at Alexander Forbes.

Have we made progress against what we said we would do? Yes, some. Is it a little faster than anticipated? Probably, in the view of some. Have we unlocked the full potential at Alexander Forbes? Not even close ... there is certainly much more to come.

Company prospects
Our refined strategy keeps our clients at the centre and focuses on securing their financial well-being. Our value proposition is about engaging with our customers at all stages of their lives to help them make the right financial decisions. We will do this by building stronger client relationships, by providing education and sound financial advice, and by delivering relevant, innovative financial product solutions. Everything we do is to help our customers achieve a lifetime of financial security. Our aim is to be a trusted partner with our customers throughout their life journey.

Under Ambition 2022, our five-pillar strategy revolves around growing each of our businesses in a more integrated and collaborative manner, improving operational efficiency and embracing digital capabilities to improve the overall client experience. We also want to expand the penetration or retailisation of our member base with the concept of lifetime solutions and advice.

In terms of key strategic focus areas, the strategy across the group is centred on five core priorities:
  • getting 'back in the boardroom' and improving cross-sell to end-consumers;
  • making umbrella the core institutional growth engine to drive access to end consumers;
  • driving small and medium-sized enterprise (SME) penetration;
  • using financial well-being to target the end-consumer, leveraging data analytics and portfolio pricing; and
  • driving asset accumulation across the group.

Over the five-year period to 2022 our aim is to achieve revenue growth at or above market while delivering positive operating leverage. This should translate into improved operating profit growth and margin enhancement.
 
Sygnia Ltd.  click here for the company's news page
Sygnia final results September 2017 Friday 1 December 2017
 
Revenue for the year rose to R333.1 million (2016: R276.2 million) and profit from operations increased to R139.2 million (2016: R101.6 million). Total comprehensive income for the year grew to R92.5 million (2016: R72.3 million) and headline earnings per share were higher at 69.72 cents per share (2016: 55.72 cents per share).

Final dividend
Sygnia is committed to rewarding its shareholders with regular distributions of free cash flow generated. Accounting for projected cash requirements, a gross dividend (number 4) for the period ended 30 September 2017 of 35.00 cents per share has been declared out of retained income, resulting in a net dividend of 28.00 cents per share for shareholders subject to Dividends Tax (“DT”).



 
Ecsponent Ltd.  click here for the company's news page
Ecsponent interim results September 2017 Tuesday 28 November 2017
 
The following results are the company's maiden interim results following the change in year from December to March and therefore are incomparable. Revenue from continuing operations was R154.6 million whilst operating profit came to R113.3 million. Total comprehensive income attributable to ordinary shareholders of R34.2 million was recorded. In addition, headline earnings per share were 1.698cps.

Dividend
No ordinary dividends have been declared or proposed for the year.

Company prospects
Key elements of the Group's on-going growth strategy are:
  • the continued investment in the Group's credit operations;
  • the continued growth of underlying assets through product and market extension;
  • the continued focus on core businesses;
  • obtaining local and forex-based institutional funding;
  • aggressive trading and cost rationalisation/reduction; and
  • increased emphasis on high yield equity opportunities.

The abovementioned approach is aimed at the continued development of a robust and complementary financial services Group which continues to provide sustainable returns.
 
Hosken Consolidated Investments Ltd.  click here for the company's news page
HCI interim results September 2017 Wednesday 22 November 2017
 
Revenue for the interim period increased to R7.196 billion (2016: R6.813 billion). EBITDA was recorded at R2.845 billion (2016: R2.821 billion) whilst operating profit came to R2.133 billion (2016: R2.113 billion). Profit attributable to equity holders of the parent rose to R584.7 million (2016: R376.6 million). In addition, headline earnings per share from continuing operations rose to 665.93 cents per share (2016: 547.27 cents per share).

Dividend to shareholders
The directors of HCI have resolved to declare an interim ordinary dividend number 56 of 50 cents (gross) per HCI share for the six months ended 30 September 2017 from income reserves.

 
Deneb Investments Ltd.  click here for the company's news page
Deneb interim results September 2017 Wednesday 22 November 2017
 
Revenue for the interim period increased to R1.3 billion (R1.2 billion). Operating profit before finance costs lowered to R37.6 million (R49.2 million). Loss attributable to owners came to R31.7 million (profit of R7.4 million). In addition, headline earnings per share from continuing operations rose to 7.8cps (4.3cps).

Dividends/Distributions
The directors have resolved not to declare an interim dividend/distribution for the six months ended 30 September 2017 (2016: Nil).
 
Coronation Fund Managers Ltd.  click here for the company's news page
Coronation final results September 2017 Tuesday 21 November 2017
 
Revenue for the year declined 3% to R3.9 billion (R4.0 billion). Results from operating activities remained unchanged at R2.0 billion (R2.0 billion). Profit for the year went down 3% to R1.5 billion (R1.6 billion). In addition, headline earnings per share decreased by 2% to 437.5 cents per share (447.6 cents per share).

Dividend
Coronation continues to reward shareholders through regular and significant distributions of free cash flow generated. The company endeavours to distribute at least 75% of after-tax cash profit. After assessing any projected future cash requirements, a final gross dividend of 217.0 cents per share has been declared for the year ended 30 September 2017, which has resulted in a final net dividend of 173.6 cents per share for shareholders subject to Dividends Tax (DT). Together with the interim gross dividend of 220.0 cents per share, this amounts to a total gross dividend of 437.0 cents per share for the year.

Company prospects
Our business remains anchored in our relentless commitment to the long term and the delivery of compelling investment returns for our clients. The near-term outlook appears sound. Net flows have normalised over the past year; we are yet to see the flow impact of our re-opened South African institutional strategies and our global franchise continues to show strong prospects across a wider range of products. Further, our long-term investment track record has been bolstered by our contrarian views, which have been vindicated over the past two years. While continued near-term volatility and uncertainty may persist, our robust investment approach enables us to make appropriate long-term decisions for the benefit of our clients. We believe that our success in achieving this will ensure long-term value for all stakeholders.
 
Transaction Capital Ltd.  click here for the company's news page
Transcap final results September 2017 Tuesday 21 November 2017
 
Net interest income grew to R1.0 billion (R879 million)) whilst profit attributable to ordinary equity holders rose to R555 million (R458 million). Furthermore, headline earnings per share jumped to 92.8 cents per share (80.6 cents per share).

Dividend
Following the interim dividend of 15 cents per share (12 cents per share), and in line with the new dividend policy, the board has declared a final gross cash dividend of 25 cents per share (18 cents per share) for the six months ended 30 September 2017 to those members on the record date.

Company prospects and strategy
Transaction Capital's strategy is to drive organic growth in each division through deep vertical integration within core and adjacent market segments. As SA Taxi and TCRS gain deeper insight into their respective sectors, underpinned by a maturing understanding of their social relevance, they are able to identify and create more value for all stakeholders.

This model is supported by the group's conservative approach to acquisitions, with a focus on acquiring and developing established platforms within these core and adjacent market segments. More than R500 million was deployed to fund the business acquisitions made in the year. The R419 million of equity capital raised thereafter has ensured that the group's balance sheet remains well capitalised, liquid and ungeared. With excess capital of around R650 million, the group has the flexibility for immediate cash settlement of any future acquisitions.

Despite difficult economic conditions, the performance of SA Taxi and TCRS has again demonstrated their defensive character. Robust organic growth of the group's high quality earnings, blended with the returns of the acquired businesses, will position Transaction Capital to continue to increase earnings and dividends in line with past performance.
 
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