Bell Equipment delays results due to Covid-19
BUSINESS LIVE / 01 APRIL 2020 - 10:51 / KARL GERNETZKY
The JSE has granted an extension to the release of its results by a month due to SA’s 21-day lockdown
Bell Equipment, the listed designer, manufacturer and distributor of heavy equipment, has delayed its results release until the end of April as a result of the Covid-19 outbreak.
The results for the group's year to end-December had been due to be released by the end of March. The JSE had granted the requested extension.
The group warned in a recent trading statement it expected headline earnings per share for the period to fall at least 70% from the prior period’s 278c.
The group said it had slowdown in market demand and strong pricing competition in the markets in which the group is active, especially in SA, in the second half of 2019.
It also reported high interest costs on higher than planned inventory levels. The group also faced payment charges related to the conclusion of a BEE (BEE) transaction, which will result in subsidiaries, Bell Equipment Company SA and Bell Equipment Sales SA becoming majority black-owned.
In morning trade on Wednesday, Bell's share price was down 1.54% to R6.40, having fallen 39.91% over the past 12 months. Over the same period of time the JSE has fallen 22.88%.
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