AECI Limited has issued a trading statement regarding its anticipated financial results for the year ended 31 December 2023.
Anticipated Financial Performance:
According to the statement released on 26 February 2024, AECI expects its financial results for the year 2023 to display a notable variance from the previous corresponding period. The company foresees a difference of at least 20% in its basic earnings per share (EPS) and headline earnings per share (HEPS).
| Financial Metric | 31 Dec 2022 (cents) | Expected Range for 31 Dec 2023 (cents) |
|---|---|---|
| Group EPS | 878 | 1,042 – 1,131 |
| Group HEPS | 1,287 | 1,077 – 1,199 |
Factors Influencing the Results:
The 2022 financials reflected impairments on property, plant, and equipment, operational losses, and deferred tax write-offs associated with AECI Schirm Germany. However, for the year 2023, increased finance costs were incurred due to interest rate hikes and short-term funding necessary to support heightened working capital levels aimed at facilitating revenue growth.
Financial Strength and Strategy:
Despite the anticipated challenges, AECI asserts that it remains cash generative and adequately capitalized. This strong financial position provides the company with a robust platform to execute its new strategy effectively.
Confirmation Pending Auditing:
It’s important to note that the financial information provided in the trading statement has not yet undergone review or auditing by the company’s external auditor. More comprehensive details will be available upon the release of the audited consolidated financial statements, expected around 28 February 2024.
Conclusion:
AECI Limited’s trading statement provides insight into the company’s anticipated financial performance for the year 2023, highlighting both challenges and opportunities in the market. With the release of the audited financial statements imminent, shareholders and stakeholders await further details on the company’s financial standing and strategic direction.
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