WBHO expects lower half-year earnings

Engineering and construction group Wilson Bayly Holmes-Ovcon (WBHO) has warned of lower earnings for the six months to December 31, owing to lossmaking projects and poor performances from its Australia-based civil subsidiaries WBHO Civil and Probuild Civil.

The remaining business segments performed largely in line with expectations.

The JSE-listed group’s headline earnings per share (HEPS) for the first half of the year were expected to contract by between 5% and 10% to between 528c and 557c, compared with the 586c apiece achieved in the prior comparable period.

Earnings per share (EPS) were expected to increase by 5% to around 576c for the period under review.

Restated EPS would decline by between 10% and 15% to between 547c to 579c for the six-month period to December, compared with 644c in the prior comparative period.

Restated HEPS for continuing operations were also expected to decrease by between 15% and 20% compared with 649c achieved in the first half of the prior financial year.

WBHO will publish its financial results for the six months to December 31, by February 23.