Crookes Brothers Faces Challenging Year with Projected Losses for 2023

  • Crookes Brothers Limited expects substantial losses for the financial year 2023.
  • Anticipated basic loss per share: 1,284.90 cents (March 2022: 410.20 cents earnings per share).
  • Adverse trading conditions, geopolitical events, weather events, and load shedding contribute to the negative financial outcomes.
Crooker Brothers

Crookes Brothers Limited recently announced its projected financial results for the financial year ended March 31, 2023. The company expects to report significant losses, signaling a challenging period for the organization.

According to the trading statement issued by Crookes Brothers, the anticipated results indicate a substantial decline in financial performance compared to the previous corresponding period. The company is required to publish such statements when it becomes reasonably certain that the forthcoming financial results will differ by at least 20% from the previous period, in accordance with the JSE Limited Listings Requirements.

For the financial year ending on March 31, 2023, Crookes Brothers expects a basic loss per share of 1,284.90 cents. In contrast, the company reported basic earnings per share of 410.20 cents in March 2022. Furthermore, the headline loss per share is projected to be 708.80 cents, while the previous year saw headline earnings per share of 229.60 cents.

Crookes Brothers attributes these unfavorable financial outcomes to a combination of challenging trading conditions and external factors beyond the company’s control. The organization faced difficulties arising from geopolitical events and adverse weather conditions, which significantly impacted its operations during the financial year under review. Additionally, the effects of load shedding, controlled power outages resulting from electricity supply shortages, have further exacerbated the company’s earnings and cash flows.

Shareholders and stakeholders of Crookes Brothers Limited are advised to approach the forthcoming financial results with caution, considering the expected losses. The company’s comprehensive financial statements for the year ended March 31, 2023, are scheduled to be released on or around June 29, 2023. Investors and industry observers eagerly await these detailed results to gain insights into the specific factors affecting the agricultural sector and Crookes Brothers’ operations.

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