its interim dividend by 7% to 75c/share, despite tough trading conditions that saw it eke out a 1% year-on-year improvement in headline earnings per share.
There was a continued underspending by government and state-owned enterprises on electrical infrastructure in the period. This, coupled with increased logistics costs, extended supply chains, global electronic component shortages and high commodity prices exacerbated by the Russia-Ukraine war, all adversely impacted input costs, Reunert said. A strike in Reunert’s Electrical Engineering segment also served to crimp output – by about 14%.
Reunert’s ICT segment, meanwhile, delivered results in line with expectations. Segment operating profit rose by 4% to R305-million. Communications businesses ECN and SkyWire maintained their profitability at the same level as a year ago despite pressures caused by the economic environment and load shedding.