Small-cap logistics company Santova, whose share price has almost halved so far in 2019, warned on Tuesday that falling shipping volumes as a result of SA’s subdued consumer environment had hit its earnings in the six months to end-August.
The company said its recent acquisitions, SAI Logistics in the UK and ASM Logistics in Singapore, were, however, performing to expectations and would contribute to profits during the period. Santova had posted a double-digit revenue decline in its year to end-February, and the update was therefore not surprising, said PSG Wealth portfolio manager Ricus Reeders.
Brexit could also make for an uncertain and volatile outlook, which could weigh on the UK’s SAI Logistics, he said.
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Sinking shipping volumes pull down Santova’s earningsThe logistics group has warned that interim HEPS to end-August could fall as much as 17% due to SA’s weak economy
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