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2019/08/28 7:05:00 AM

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AIP: ADCOCK INGRAM HOLDINGS LIMITED - Group annual results and cash dividend declaration for the year ended 30 June 2019
AIP: ADCOCK INGRAM HOLDINGS LIMITED - Group annual results and cash dividend declaration for the year ended 30 June 2019

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Group annual results and cash dividend declaration for the year ended 30 June 2019 Adcock Ingram Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2007/016236/06) Share code: AIP ISIN: ZAE000123436 ("Adcock Ingram" or "the Company") GROUP ANNUAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2019 Continuing operations REVENUE INCREASES 11% to R7,089 million GROSS PROFIT IMPROVES 11% to R2,789 million TRADING PROFIT INCREASES 12% to R955 million HEPS INCREASES 11% TOTAL DIVIDEND INCREASES 16% to 200 cents per share B-BBEE Level 3 Introduction The Board of Directors (Board) is pleased with the robust results delivered by the Group in a volatile market, characterised by weak economic growth and declining consumer spend. Under these circumstances, each of the business units performed well, with core brands showing encouraging market share, indicative of the brand resilience of our trusted portfolio. The Group's Zimbabwean enterprise, which was reflected as an asset held-for-sale at 31 December 2018, was disposed of in January 2019 and the results are reflected as a discontinued operation. The Group has also disposed of its investment in Ayrton Drug Manufacturing Limited, the associate in Ghana, as performance from this business did not meet expectations. Prospects The Bidvest Group's shareholding in Adcock Ingram recently increased to 50.1%. This will enhance interactions between the entities in exploring strategic and operational possibilities for Adcock Ingram's operations and options for growth. Bidvest is supportive of Adcock Ingram's current decentralised and autonomous business model and sees opportunity for the Company to grow. The Board expects that the current economic environment, exchange rate weakness and volatility, and constraints on consumer spending will not change in the short term. The Group remains committed to the growth of our well-respected and diversified basket of brands, and seeking additional affordable brands to augment our portfolios across the business. Audited Audited Change 2019 2018 Continuing operations Revenue (R'000) 11% 7 089 058 6 405 316* Gross profit (R'000) 11% 2 789 106 2 511 309* Trading profit (R'000) 12% 955 421 849 944* Operating profit (R'000) 10% 883 537 803 049* Headline earnings per share (cents) 11% 421,7 381,3* Basic earnings per share (cents) 10% 414,8 377,2* * Prior year restated to show comparatives for the discontinued operation. Total operations Revenue (R'000) 9% 7 175 319 6 562 865 Gross profit (R'000) 10% 2 814 202 2 566 020 Trading profit (R'000) 11% 960 340 866 377 Operating profit (R'000) 8% 886 635 819 482 Headline earnings per share (cents) 9% 422,8 387,7 Basic earnings per share (cents) 8% 413,8 383,6 Total assets (R'000) 6 250 793 6 270 725 Net asset value per share (cents) 2 505,7 2 281,9 Dividend per share (cents) 200,0 172,0 Dividend distribution The Board has declared a final gross dividend out of income reserves of 100 cents per share in respect of the year ended 30 June 2019. The South African dividend tax ("DT") rate is 20% and the net dividend payable to shareholders who are not exempt from DT is 80 cents per share. Adcock Ingram currently has 175 756 026 ordinary shares in issue and qualifying for ordinary dividends. The income tax reference number is 9528/919/15/3. The salient dates for the distribution are detailed below: Last date to trade cum distribution Tuesday, 17 September 2019 Shares trade ex distribution Wednesday, 18 September 2019 Record date Friday, 20 September 2019 Payment date Monday, 23 September 2019 Share certificates may not be dematerialised or rematerialised between Wednesday, 18 September 2019 and Friday, 20 September 2019, both dates inclusive. By order of the Board LP Ralphs AG Hall Chairman Chief Executive Officer Signed off by the Board: 27 August 2019 SENS release date: 28 August 2019 Company secretary NE Simelane Registered office 1 New Road, Midrand, 1682 Postal address Private Bag X69, Bryanston, 2021 Transfer secretaries Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196. PO Box 61051, Marshalltown, 2107 Auditors Ernst & Young Inc., 102 Rivonia Road, Sandton, 2146 Sponsor Rand Merchant Bank (a division of FirsRand Bank Limited), 1 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, 2196 Bankers Nedbank Limited, 135 Rivonia Road, Sandown, Sandton, 2146. Rand Merchant Bank, 1 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, 2196 The full long form announcement is available at https://senspdf.jse.co.za/documents/2019/JSE/ISSE/AIP/AIP062019.pdf The contents of this short-form summary announcement are the responsibility of the Board of Directors. Any investment decision should be considered and based on the content of the information contained in the full announcement which will be published on the Company's website at www.adcock.com/investors/financialreports. Copies of the full announcement are available for inspection at the registered office of the Company and may be requested without charge during office hours by phoning +27 11 635 0143. Date: 28/08/2019 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
   Source: JSE News Service (SENS)
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