Today Datatec, the international Information and Communications Technology (ICT) group, will publish a trading update for the financial year ended 28 February 2011.
The Group’s profitability and earnings are now expected to be better than set out in the Interim Management Statement on 13 January 2011.
The Board expects revenues of approximately $4.3 billion, profit after tax* of approximately $61 million, underlying** earnings per share of approximately 37 US cents and both earnings* and headline* earnings per share of approximately 32 US cents.
The Group expects to pay a dividend/capital distribution in line with its policy, which is to have cover of at least three times, relative to underlying earnings.
As anticipated, the Group’s year end net debt/cash position has improved since the end of the first half of the financial year.
The Group expects to release its preliminary results for the year ended 28 February 2011 on Wednesday 11 May 2011.
The financial information on which this statement is based has not been reviewed and reported on by Datatec’s external auditors.
*The forecasts for profit after tax, earnings per share and headline earnings per share do not take into account any fair value gains or losses on acquisition related financial instruments (including put option liabilities), which are required under IFRS and are currently being assessed.
**Underlying earnings per share excludes goodwill and intangibles impairment, amortisation of intangible assets, profit or loss on sale of assets and businesses, fair value movements on acquisition related financial instruments and unrealised foreign exchange movements.
