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South Africa: Strong Demand Sees TWP Beat Forecasts
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Business Day (Johannesburg)
6 May 2008
Posted to the web 6 May 2008
Charlotte Mathews
Johannesburg
MINING services group TWP Holdings, which listed on the JSE in November, has exceeded the revenue and profit forecasts made in its prelisting statement because of strong demand for all its businesses, it said yesterday.
TWP's showing reflects resources sector buoyancy -- with expansion projects driven by rapid industrialisation in China, India and Brazil.
The group reported revenue more than double to R705m in the year to end-February from R312,6m the year before.
Headline earnings per share almost trebled to 93,82c from 32,64c previously, as against a forecast of 91c per share. No dividend was declared as the group planned to use its cash to grow organically and by acquisition, the director said.
TWP Holdings awaits regulatory approval for the acquisition of industrial architects TPS Architects for R138m, a deal it announced at the end of February. TWP said it was dealing with the skills shortage in the industry in an "innovative and sustainable manner".
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The listing, as well as a share incentive scheme being implemented, were helping to attract and retain staff.
It has forecast R1bn turnover in the year to February next year and headline earnings of 158c per share.
TWP's shares were 0,85% firmer at R23,70 yesterday afternoon, 51% above the R15,69 at which the shares stood ahead of the listing six months ago.
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